Coping with ‘income shock’

Millions of people are still facing huge financial pressure despite government measures to help them deal with the fallout from coronavirus.Some estimates show that up to half of the 5m people who are self employed won’t be helped by the support package that the government has announced. Many thousands more, who are employees, are not eligible for the job retention furlough arrangements.Unsurprisingly the benefits system has seen an unprecedented number of new applications for Universal credit. We’re hearing of a back log of many weeks as the Department for Work and Pensions tries to work through more than a million new cases.So if you are one of the millions of people affected by a huge and sudden loss in income, what can you do to survive?Paul Lewis and guests discuss their top tips for surviving financial shock. Joining Paul are:- Nick Hill - money expert, Money And Pensions Service - Laura Peters - from Mental Health and Money Advice - Anna Stevenson - welfare benefit expert at charity Turn2usProducer: Alex Lewis Editor: Emma Rippon