CILEx
Managing your money:
a guide to financial support
With the furlough scheme about to end, redundancies on the horizon and the UK in recession, where can CILEx members find support when their financial security is at risk?
About the author: Dominique Edell ACILEx is charity support o›cer at the CILEx Foundation.The economic and social impacts of the events of 2020 are being felt by many of our members. In the past month, we have been faced with the news that further social restrictions will be placed across the UK, whilst schools, transport and public services are operating on restricted timetables. The country is gearing up for a potential further wave of the virus, and the consequences this will have on our home - and work - lives.
Support at work
Employee assistance schemes
If you are employed, your workplace may have an employee assistance scheme to which you can refer for advice on a number of issues. Typically, you can access telephone or remote advice from trained staff on wellbeing, finances, welfare issues and, in some cases, legal advice.
If you are working remotely or on furlough, you should still be able to access this staff benefit, but do check with your HR service or manager if you are unsure.
Staff associations
Some of our members, particularly those working inhouse or for government bodies, may also be members of staff associations or trade unions. Your subscription to these bodies will often include access to telephone welfare support and money management and other advice services.
Support at work if you are at risk of redundancy
Your employer will be able to advise you of any additional support they can offer to support you during redundancy consultations. This might include , so that you can arrange interviews or make calls during the working day. The Advisory, Conciliation and Arbitration Service offers advice on your rights if you are at risk of redundancy.
Supporting you and your family
The pressure of money worries can negatively affect every area of our lives, and your home and family life are, naturally, of paramount importance when considering your budget. The Money Advice Service (MAS) offers useful information about what you should do if you are worried about money or facing a reduction in income, and where to turn for help and advice with problem debt. The MAS website provides links to articles and useful calculators to assist you with debt management and budgeting, and template letters to use if you need to write to your creditors or bank. MAS also has a convenient WhatsApp and webchat service.
State benefits
Even if you work, you may be eligible to claim state benefits to supplement your household income. The benefits system has changed over recent years, moving away from separate ‘legacy’ benefits to the Universal Credit scheme. This benefit supports those who are on lower incomes, who meet the eligibility criteria and live in the UK. It is important to note that Universal Credit is paid in arrears, and the wait before your first payment can be in the region of five weeks.
Entitlement to Universal Credit and other income-based state benefits (such as pension credit and disability benefits) often entitle you to additional financial support such as free prescriptions, reduced public transport costs and, if your children are of school age, to free school meals and access to local voucher schemes during holidays (subject to local area availability).
For those members who have children, a reduction in income may mean that you are now eligible to claim child benefit. This benefit is subject to an earnings cap of £60,000 (earners over £50,000 are liable for income tax repayment on the benefit). If your circumstances have changed, you can make an application for this benefit to be restored.