ALMOST £3 million is being used to support people hit hardest by the coronavirus pandemic in Wales.

New research found that one in four people in Wales were worried they'd have no prospects if they lost their current job as a result of the pandemic.

More than a third of workers feel their job is less secure now than before the pandemic, and a similar number say a second lockdown would send them over the edge financially.

The research was conducted to mark the launch of a £2.8 million Rapid Recovery Challenge.

The scheme has been launched by innovation foundation Nesta.

They are seeking to encourage solutions that may help improve access to jobs and financial support for those hit hardest by the pandemic.

When asked about what options people would have to turn to if they lost their job, almost half (43 per cent) of Welsh vulnerable workers would have to turn to government benefits, nearly a quarter (24 per cent) would sell whatever they could and 8 per cent would have to move in with parents or family.

It’s therefore unsurprising that over a third (36 per cent) say worrying about their job is impacting their mental health.


Ravi Gurumurthy, chief executive of Nesta, said: “COVID-19 has created a huge economic shock, laying bare and exacerbating pre-existing problems for people on low incomes and in precarious work.

"Millions face severe threats to their job security and household finances, both immediately and in the longer term, and we know that low-paid workers, people in insecure roles and those under 25 will be hit hardest.

“There is an urgent need to support people at risk of losing their livelihoods and financial security, or who already have, so that millions do not find themselves out of work and out of pocket.

"I’m looking forward to seeing the range of solutions innovators develop to address these issues and support those whose jobs and finances have been most impacted by the pandemic.”

Caroline Siarkiewicz, chief executive of the Money and Pensions Service added: “The Covid-19 pandemic has intensified the money worries many people face, but particularly for young people and workers on lower incomes.

"It’s vital that those worst hit can now access the right support and start to find a way forward with their finances.

“We’re pleased to help fund this initiative, which supports the decade-long goals set out in our UK Strategy for Financial Wellbeing to enable everyone – including those in vulnerable circumstances - to make the most of their money and pensions.”

For more information about the Rapid Recovery Challenge visit