Planning For The Rainy Day

Has COVID-19 touched base with your biggest fear – your financial stability? Time to revisit your plans. A well-known investment banker tells you how.

By Dr AV Senthil

Twelve years ago, the world went through one of the worst economic crises of all time – the 2008 Financial Crisis. That rattled each one of us and made us hope that it was a once-in-a-lifetime event. But, here we are, with a global health pandemic that’s starting to hurt us big time, medically and financially. Covid-19 is having a massive economic impact on organisations and individuals even though we are still in the very early days of understanding the actual economic impact. None of us would have expected or predicted a pandemic of this scale. It's taken us all by shock, throwing us off our routine. At a time like this, it is important to reflect on our financial planning and ask ourselves several important questions, the biggest of them being, 'Are we saving enough for rainy days like this?' We now tell you some simple rules you should follow to secure your family’s financial well-being.

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