Recessions often hit vulnerable populations hardest isn’t new. But this crisis is unique. For one, there’s a divide even among those who are employed. Lower earners, who are more likely to be on the front lines, are at higher risk of Covid-19 infection and its resulting health and financial consequences.
Lower earners, those with less schooling, women and certain minority groups have borne the brunt of the economic pain driven by soaring unemployment.
This is really hard and chances are we are developing anxieties thinking on how to bounce back after this. What advice can you give to most people who lose their jobs and struggling to make ends meet?
Unfortunately there is not much to do, you need to prepare before the crisis happens and not when it has already hit you, all of those people are going to suffer terrible consequences not only because they have lost their jobs but also because many of them will have to indebt themselves to survive and most likely all of this situation will set them back a decade, for all of those that are still in a relatively comfortable situation I will advice them to avoid debt and if possible pay whatever debts they have, reduce your spending and invest in assets that can be considered a store of value.