The Money and Pensions Service (MAPS) - the government-backed financial guidance body - has launched an online tool called Money Navigator to help people cope better with the financial impact  of the Coronavirus outbreak.

The Money Navigator tool, available on the Money Advice Service website (part of MAPS), asks people a series of questions about their financial situation before providing guidance which is “personalised.”

MAPS says the tool will highlight areas where they should consider taking action to avoid money problems later on.

Money Navigator is designed to help people who have seen their finances hit in some way by Covid-19.

The body says this includes people dealing with “complex financial situations” who may find it difficult to know where to start, such as those facing redundancy or job loss, the self-employed whose work has dried up, and people who have had a temporary income drop who need help to get back on track.

The tool will also help people who are in a better financial position and want to know what to do with their savings.

MAPs says that 1m people have sought MAPS guidance on the financial impact of the pandemic.

Nearly 99,000 people have been supported by MAPs via webchat and the phone since the start of April.

The three consumer websites – for the Money Advice Service, The Pensions Advisory Service and Pension Wise – have had nearly 7.5 million users.

Eileen Pevreall, digital, marketing and IT Director at the Money and Pensions Service, said: “By spending as little as 30 seconds filling out some details on our Money Navigator tool, people can receive tailored guidance that will help them understand what they need to prioritise, what they could be entitled to and which organisations they can go to for immediate support.”