Martin Lewis, Money Saving Expert, is well known for his helpful approach to helping Britons with their finances. He has used his platforms over the years to provide advice and support to those who need it most. Martin has been particularly useful during the COVID-19 crisis, where financial circumstances have proved difficult for many.
But Martin sought to allay any fears the family might have concerning speaking about furlough and income.
He said: “I think the point to remember is that you have to communicate, because if you don’t then the family doesn’t understand what is happening.
“You don’t have to give them every step of detail, that’s totally up to you, but I think financial communication just like anything else in the relationship is really important.”
The furlough scheme has provided invaluable support to over nine million people in the last few months, many of whom may have otherwise faced unemployment.
But the difference in finances is likely to still prove difficult for many families to come to terms with.
While support has been in place for a number of months, the furlough scheme is currently winding down.
Otherwise known as the Coronavirus Job Retention Scheme, this form of government help will end in October.
Many have therefore expressed concern about how they will be affected once this method of assistance is withdrawn, and whether their job could be at risk.
However, the Chancellor Rishi Sunak has expressed it would be “unfair” to keep the scheme going.
Mr Sunak has commented that extending furlough would not be the right decision as it would lead people to believe there are always jobs to go back to.
However, for those who are looking to eliminate financial anxiety as much as possible, Martin relayed a few final points.
He said: “Many people are under real financial stress right now, and that anxiety impacts the family including the children.
“Children can ask ‘what’s wrong?’ or think nothing of saying ‘can you buy me this?’. But teens are often responsible enough to understand the situation.
“Explanation and quiet conversation can relieve the pressure on them and on you.
“Tell them you are struggling, that you may need to act differently, and that you all need to be financially careful. Don’t lock your kids out of your finances. Trust your children.”
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip