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Stress-test your safety net

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To understand your post-Covid financial situation, and to size-up the condition of your safety net, dive in and take our quick quiz.

Breathe in, be honest and prepare to plug some gaps. 

 

Q1. How has coronavirus affected your income?

a) It hasn’t
b) I currently earn around 80% of what I did (furloughed, for example)
c) I currently earn less than 80% of what I did
d) I lost my career job and now work a lower paying job
e) I lost my job and I’m now unemployed

Q2. How has coronavirus affected your savings?

a) It hasn’t - I haven’t touched them
b) I’ve had to dip in here and there
c) They’ve taken a significant hit
d) I’ve wiped them out
e) I never had savings to begin with 

Q3. Apart from savings, what financial facilities have you used during coronavirus?

a) None
b) Insurance / protection policies
c) Moderate borrowing (overdraft, credit card, friends/ family loan, for example)
d) Significant borrowing (loan, multiple credit cards, for example)
e) State benefits/ government scheme(s)

Q4. To what extent would you say you have ‘used up' your financial safety nets during coronavirus?

a) Not at all
b) A little
c) A fair bit
d) Majorly
e) Entirely

Q5.  Which of the following statements is closest to your situation? 

a) My financial health hasn’t been negatively impacted by coronavirus
b) My financial health is slightly worse now than it was before coronavirus
c) Coronavirus has significantly hurt my finances, but I think I’ll recover
d) Coronavirus has significantly hurt my finances and I’m unsure if I’ll recover
e) Coronavirus has ruined me financially and I fear there’s worse to come

Q6. Imagine your outgoings suddenly jumped by £300 each month. 


In your current situation, what financial impact would that have on your household?

a) It’d cause no financial stress 
b) I’d need to reconfigure my spending slightly
c) It’d significantly impact our lifestyle
d) I’d need to borrow money to afford it
e) It couldn’t be done  
 

Q7. Imagine your boiler breaks down and needs to be replaced at a one-off cost of £750. 

What financial impact would that have on your household?
a) None – I have boiler insurance
b) I could afford it
c) I’d need to reconfigure my spending slightly
d) It’d significantly impact our lifestyle
e) I’d need to borrow money to afford it
f) It couldn’t be done  

Q8. Imagine a storm causes significant damage to your home (windows broken / roof tiles break), and repair costs are £1,500. 

What financial impact would that have on your household?
a) None – I have home insurance
b) I could afford it
c) I’d need to reconfigure my spending slightly
d) It’d significantly impact our lifestyle
e) I’d need to borrow money to afford it
f) It couldn’t be done

Q9. Say an unexpected bill (such as 8. or 9.) comes out of the blue, what items would you have to cut from the household budget? 

a) None – I could cover it
b) I wouldn’t be able to save for a while
c) Infrequent luxuries, such as day trips, new clothes and meals out
d) Items listed at c) plus I’d have to rein in spending at the supermarket
e) Items listed at c) and d) plus subscriptions (TV/ broadband/ media)
f) Items listed at c), d) and e) plus more 

Q10. Imagine your household’s key breadwinner suddenly passed away. 

For how long could you continue to operate without financial hardship?
a) Indefinitely
b) At least one year
c) 6-9 months
d) 3-6 months
e) 1-3 months
f) Less than one month

Q11. Imagine your household’s key breadwinner lost their job or had to stop work suddenly due to ill health. 

For how long could you continue to operate without financial hardship?
a) Indefinitely
b) At least one year
c) 6-9 months
d) 3-6 months
e) 1-3 months
f) Less than one month

Q12. If your household lost its main wage, which of the following statements represents the action you’d take to avoid financial hardship?

a) I’d claim on a pre-existing insurance/ protection policy
b) I’d rely on my savings
c) I’d borrow from a bank or from friends and family 
d) I’d significantly change my / my family’s lifestyle
e) I don’t know

 

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LifeSearch Limited is an Appointed Representative of LifeSearch Partners Limited, who are authorised and regulated by the Financial Conduct Authority. Calls may be monitored/recorded.