COVID-19 accentuates the need for employee financial wellness

(Photo: Bloomberg)

With layoffs, job losses and stock market fluctuations, nearly everyone is experiencing some sort of economic repercussion from the pandemic. In fact, the U.S. Department of Labor now shows that there are more jobless claims than during the Great Recession or any natural disaster.

The government is stepping in to help with the CARES Act stimulus bill that puts money into the hands of consumers, increases unemployment benefits and provides loans to small businesses. Utility and mortgage companies are offering forbearance and payment deferrals for those who cannot meet their monthly obligations. Student loan payments have been suspended with no additional interest until September.