“If I fall sick there's no one else to provide for my children”

#CoronaVirus may put millions of #SelfEmployed people in an impossible position. Many, such as Rochelle, feel they have to keep working — even if it means risking their health

More support is needed — thread

We know Rochelle’s story is one of many

Every year, we help hundreds of thousands of people manage their household finances. Our data reveals a lot about what different households need to get by — and how #CoronaVirus may lead self-employed people into financial difficulty

For single self-employed people we helped last year, our data shows us that their average

income was £1,180 a month
outgoings £1,200 a month
fixed outgoings of £895 a month

Why’s this important?

Fixed outgoings cover costs you’d struggle to change in the short-term, normally due to contractual commitments. Housing, utility bills, care costs are common examples

Last year the average self-employed person we helped spent 85% of their income on fixed outgoings

This doesn’t leave much breathing space

Even a slight reduction in work may mean the difference between having enough to cover the costs of essentials and having to go without — meaning self-employed workers are especially vulnerable to financial difficulty due to #CoronaVirus

Currently, self-employed people who are losing income are being encouraged to apply for Universal Credit to help cover their costs if they don’t already receive benefits

But, for Rochelle, benefit income “would not cover my bills and basic essentials”

It’s clear more needs to be done to make sure no one falls through the gaps — or has to risk their health to make ends meet

We’re expecting an announcement on the government plans to support self-employed workers like Rochelle later today.

Whatever they do needs to be big, bold and — most of all — fast.

Want to know more?

Our @morgan_wild outlined what these measures should look like https://twitter.com/morgan_wild/status/1242490109716566016