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Financial support and guidance during uncertain times

Practical guidance and support options to help manage financial worries during uncertain economic times.

We understand that many people across our pharmacy family may be worried about their personal finances, especially with the ongoing cost-of-living crisis and rising prices linked to escalating conflict in the Middle East and concerns about another financial downturn. Many have already experienced financial strain in recent years due to higher interest rates and inflation, and the continuing economic uncertainty may be adding further stress. Whilst we hope for global stability soon, it’s very difficult to predict the short and long-term future. Getting help with financial difficulties early could help to stop things spiralling out of control. 

As the pharmacy profession’s charity, we are dedicated to providing support and signposting to help you alleviate feelings of anxiety, worry and stress. This article focuses on the support available and steps you can take if you’re struggling or concerned about your finances.  

Government support 

Following the rise in heating oil prices, the Government has pledged £53 million to help households who rely on heating oil and may struggle to afford heating their homes. You can find out more and how to apply on the Money Saving Expert website.  

The Government also provides extra financial help for low-income households. You can find out about eligibility and what support you may be able to access on the Government website. Students on a low income, with children or dependent adults, and students with a disability may also be eligible for extra financial support. Please visit the Government website to find out more.  

The Government also runs a website called Fuel Finder to help drivers find the cheapest petrol, diesel and electric vehicle (EV) charging prices in their area in real-time.  

We understand that in stressful moments, working out complicated eligibility criteria and the different support options can be difficult. If you would like support to understand your benefits options, we may be able to help you via our free and confidential Specialist Advice Service.  

Please reach out to us or one of the many dedicated organisations if you're concerned or struggling with household budgeting.

Practical guidance and support options to help manage financial worries during uncertain economic times.

Support organisations 

If you’re worried or stressed about your finances, remember you’re not alone. There are many supportive and non-judgmental organisations dedicated to helping people who are struggling with household expenses and debt.  

Citizens Advice – Citizens Advice offers lots of advice on things like benefits, energy bills, food bills, travel costs, childcare, pet care and the Household Support Funds available from local councils.  

Pharmacist Support – Our Financial Assistance exists to provide a safety net for people in our pharmacy family. This support includes grants for essential living expenses, grants for one-off costs, urgent support grants and student bursaries.   

Step Change – Step Change is another organisation which gives advice and support. Their services include information and advice on emergency help, gas and electric bills, debt and mortgages.  

Turn2Us – Turn2Us is a national charity providing practical help to people who are struggling financially. They provide a variety of services including a benefits calculator and a grants search.  

Universities – if you’re a student, many universities offer bursaries and grants to help you with your study and living costs, so it’s worth speaking to your student support team to see what’s available for you. There are also many other organisations providing grants for students and support is also available for students living with disabilities. 

Help with your mortgage 

With interest rates increasing, the concern about mortgage repayments is very real. If you’re in a situation where you may be unable to pay your mortgage, please speak to your lender or mortgage advisor as they will understand your specific circumstances. In very stressful situations, you can seek further professional support and information from organisations like Citizens Advice or those listed above.  

Planning for an unpredictable future 

Economic instability and uncertainty often have huge unintended consequences. For example, when there is a sharp spike in oil prices, there is an impact on things like petrol prices, shipping and transportation costs, food prices and other household bill costs. These unintended consequences happen immediately and also in the longer term, particularly in relation to interest rates and inflation.  

If you are in a position to do so, it may be an ideal time to start or continue paying into a saving fund to use for future emergencies. Even if it’s a very small amount of money each month, this fund can protect you in times of crisis and stop you from turning to things like credit or high-risk borrowing.  

Please note that the information in this article is correct at the time of writing and is intended as financial education and support, and not advice. Please speak to a financial advisor or expert if you need advice.