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Young People Post-COVID

Home Messageboards Work and HR Forum Young People Post-COVID

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  • #150911
    AvatarEllie
    Participant

    As a working professional in my 20s I was wondering if you could provide any guidance on how the younger generations can financially prepare for the aftermath of cornoavirus, combined with Brexit, and recovering from a recession as well. I’m fortunate enough at the moment to have been furloughed and still have a job but it’s going to be a tough time recovering from this and any advice on how to be prepared would be appreciated.

    #150918
    AvatarMarc Crosby
    Keymaster

    One of our next big focuses on MoneyMagpie is going to be on saving, which I think is going to be the key not just for young people, but for all of us.

    We’re going to need to priortise saving at the start of each month so we’re definitely putting money away, even if it’s just a small amount, to ensure we have a safety net – especially in the case that something like Coronavirus happens again and the government can’t bail us out a second-time.

    As I say, a whole campaign is in the pipeline for this, so there’ll be more details soon.

    I’d also suggest you look at all our money-making ideas here – https://www.moneymagpie.com/make-money – and find ways you can help supplement your income.

    There really are some interesting opportunities out there, it’s just a case of finding something that works for you.

    #150924
    Annie ThorpeAnnie Thorpe
    Keymaster

    Hi Ellie,

    It’s going to be a scary time for loads of people in the upcoming months – but you’re right, younger people are probably going to be affected more, as they’re more likely to have lost casual work, summer jobs, and not be able to make rent (especially students, too, who have no work, no studies, and can’t access benefits).

    Saving is a massive part of protecting your future, but it’s so hard to do when you’re already on a reduced income. Marc’s already pointed you to the making money section, which has loads of tips! My biggest suggestion is to start now, rather than wait any longer. Things like online surveys only pay small amounts each time, but it quickly adds up – and as you’re furloughed, you’ve got more time than usual to spend on ways to make money online like this!

    Keep an eye out for our upcoming savings series – but if anyone else has good ideas for how they plan to protect their finances in the coming months, tell us here!

    #150978
    AvatarEllie
    Participant

    Thanks to both of you. I’ll definitely check out your money making ideas and keep watch for your saving suggestions soon.

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