- 25 March 2021
- Posted by: mikey0809
- Category: Mortgage
According to analysis poverty charity Turn2Us, it will take one in four people at least a year to financially recover from the pandemic.
It warns that those who lost income and incurred debts since last March will need an average of at least 17 months to get their finances back to pre-pandemic levels.
The charity claim that 15% of people are struggling to afford their rent or mortgage payments, 19% are having difficulties with bills and 17% are finding it hard to pay for food.
Financial worries have connected the impact of the pandemic on mental health, as 62% of people say their mental wellbeing has been affected and 33% say it has had significant ramifications.
“We have been inundated with demand for support over the last twelve months, giving millions of pounds in grants, and we see no sign of this slowing down any time soon.
“It will take us significant time to recover from the debt, loss of income and damage to mental health that so many of us have experienced in this pandemic, which is why it is so important that the government makes permanent the £20 uplift to Universal Credit and extends it to legacy benefits.” says Turn2us chief executive Thomas Lawson.
Money and Mental Health Policy Institute chief executive Helen Undy says: “Mental health problems and debt can be a marriage made in hell, and these issues have become even more acute in the current crisis, with millions more people affected.
“It’s vital that the government strengthens the safety net for people — by making the Universal Credit uplift permanent and extending it to other benefits, and by ensuring everyone can access adequate sick pay.”