FCTI - Blog

If there is anything the COVID-19 pandemic has taught us about finances, it is the importance of having an emergency fund. In April 2020, the number of unemployed persons who reported temporary layoffs hit 18.1 million. Those individuals reporting permanent job loss rose to 2 million.

The global pandemic has highlighted many things that are both wrong and right with the systems we use to run our governments and everyday lives. Closer to home, it is also calling attention to failings in standard budgeting practices and financial advice.

This year is proving to be a strange one for all of us. But it is especially odd for children and families faced with nationwide school and childcare closings. In a nation where even two-parent households often rely on two full-time incomes, juggling children and work is quickly becoming a struggle.

How and when school districts will reopen remains a mystery. But, in the meantime, working parents have to find ways to keep kids educated and stimulated while juggling a range of other insanity such as financial issues, working from home, and more. But how!?

States and counties across the US are determining when and how to “reopen.” But it is becoming clear that these processes are likely to be different for everyone. Many people are still looking at another few weeks or more of reduced activity and sheltering in place. Even states and municipalities entering Phase 1 or 2 of reopening are looking at a higher than usual amount of time at home.

You’re probably doing a lot of your shopping online if you can. Around 33% of people are purchasing more on the web than they were before, according to a recent survey from Experian. Vulnerable populations have found grocery delivery and other remote services a safer option for handling their everyday needs. At the same time, local and statewide orders to “shelter in place” have placed many retailers on temporary shut-down or forced them to an online-only business model.

But there are risks to taking your typical business to the web. Here are three of the latest threats to your credit and identity amid COVID-19.

As of April 9^th, more than one in ten workers have lost their jobs in the last three weeks. Those individuals make up around 11% of the US labor force. While economists hope the recovery from this downturn will be quicker than in the past. However, the overall damage incurred will be heavily influenced by the duration of the current shutdowns.

Getting sick costs money. Unfortunately for many people right now, that is money they cannot afford to be spending. And simply not getting sick is much easier said than done. So, what can you do?

Political posts on social media of what is included in the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which was signed by President Trump in late March 2020. (And let’s face it, we’re all spending a lot more time on social media right now.)

The SARS-CoV-2 virus responsible for the ongoing COVID-19 outbreak continues to expand its reach worldwide. In an attempt to limit infections and reduce the risk of taxing medical personnel and supplies, governments have quickly made moves to shut down schools and introduce “stay at home” orders.

Researchers continue to be hard at work, discovering more information on the virus, causing the 2020 COVID-19 outbreak. Recent studies have compared a variety of Coronaviruses to determine the life expectancy of the diseases on an array of surfaces – including metals, plastics, cloth, and paper.