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Briefly explain within the context of covid

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As COVID-19 restrictions begin to ease in Queensland, and Victoria and New South Wales experience a second wave, a new normal is emerging for families, businesses and employees, as many come to terms with the financial impacts of lockdown. Even though it's too early to say in detail what the post-lockdown economy will look like, it's clear that job losses, reduced hours of work, lower rates of pay, and the deferral of dividend payments by listed companies may all affect household budgets in the months ahead.

Problem 1: While the possibility (or reality) of adapting to a life with reduced income may sound like more bad news, briefly explain within the context of Covid-19 why is financial planning important.

Reference no: EM132705129

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