Career coach offers tips for managing financial stress as recession looms
Workplace wellbeing expert, Kate Bishop is offering practical advice to anyone struggling with finance-related stress as the UK sees a surge in job losses and redundancies due to COVID-19.
As the UK economy continues to struggle following the global pandemic, hundreds of thousands of employees around the country are currently faced with the threat of unemployment as job losses hit a 10year high.
In turn, this has led to depression rates doubling according to research carried out by the Office of National Statistics (ONS). Findings also uncovered that those suffering were most likely to be young adults at the beginning of their working careers and those facing unexpected expenses and a loss of income.
Career coach and confidence leader Kate Bishop faced financial woes herself as she transitioned from a full-time employee to freelance worker at the beginning of her career. She wants to assure those worrying about their financial situation that there is light at the end of the tunnel.
With a recession looming, Kate is urging people to start by asking themselves what their financial priorities might be, including maintaining any savings or safeguarding their finances during this period of economic uncertainty.
Next, a review of all assets including savings accounts, loans and shares to see if existing money could be working harder is a must in order to weather the storm. Kate strongly advocates for those concerned about money to take control of any financial products they may hold.
“Another area for further investigation is those little day-to-day expenses such as takeaway coffee and overpaying for utilities such as energy and internet. There are lots of great deals and savings to be had by shopping around or even asking your current supplier for a better tariff,” Says Kate, who also turned to a coach to help her realign her financial priorities when faced with a new career path.
“Understanding where there were opportunities for me to save money and increase my earnings helped me to stay afloat while I transitioned from an employee with a good salary to someone just starting out on my own. Speaking to an expert helped me achieve the clarity and focus I needed to regain power over my finances. By taking control, I was also able to dampen the worries and anxiety I had been feeling, as I know I was being proactive.
“Not only did this help reduce my stress levels, but working with a coach also helped me consider new avenues to increase my income. That helped me reassess my skills and tailor them to an ever changing labour market – I’d really advise anyone who is facing redundancy to sit and think about their skills. Consider exploring freelancing or gig economy sites to get an idea if those skills are in demand and how you can repurpose all of your experience to make some extra cash while job hunting.”
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