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How to deal with retrenchment and income loss due to COVID-19

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Woman at an ATM. Image: Gallo/Getty Images
Woman at an ATM. Image: Gallo/Getty Images

2020 is a year many anticipated would be their best. However, the year we dubbed ’20 Plenty’ and hoped would bring endless opportunities has, in reality, been fraught with uncertainties. 

It’s brought with it a cycle of psychological distress, increased by financial anxiety and job losses. The outbreak of the Coronavirus has had a devastating impact and shifted the livelihoods of many people — with widespread retrenchments, salary cuts and businesses shutting down.  It’s a year that has recorded a significant increase in individual and business income loss, with many impacted asking: “So, what’s next?” 

We sat down with financial management experts to explain how we can survive and navigate the financial shock of losing an income — and subsequently a drastic change in livelihood. 

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