14:40 19 April 2013
With the new benefit payments cap rollout; many will be feeling the economic crunch. The cap doesn’t include disability payments but does limit benefits on jobseeker’s allowance, income support, housing, and child benefits. With such changes, families may be forced to re-evaluate their financial status. Changes affect all areas of the UK with the exception of Northern Ireland.
While the purpose of the benefit payments cap is to save the UK millions of pounds, there has already been a significant increase in the number of people who have recently acquired jobs.
There will be a lot of shifting and serious job seeking with the new financial status.
There has also been talk of trying to solve the problem at the heart of the issue, which is that people need sufficient work to maintain a secure financial status. A type of guaranteed employment option has been considered, but for now the restriction on benefits payouts may be enough of an impetus to create a substantial reduction in the number of unemployed people.
Financial status will continue to be a concern, so in light of these new changes it may be a good time to consider setting up Cash ISAs, Stocks and Shares ISAs, or regular savings accounts.
With the current trend it remains to be seen if the estimated savings of £110 million will be reached, or if it may even be exceeded. Regardless, this is the perfect time to consider your own financial status and level of employment. If the trend does continue, there will be many more people competing for employment than there may have previously been.
Consider learning new skills or having a specialist look over your resume to help you polish it up if you’re going to be job seeking. Anything positive that sets you apart will be extremely beneficial.
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