Few sectors have been as impacted by the pandemic as much as the airline industry, with mass travel bans meaning many plans to travel abroad have failed to take off.

Pilot Will Godwin, 39, from Worcestershire, saw his income cut as a result. A father of two children, aged seven and five, he now wants to build more financial stability to protect himself and his family against future shocks.

Over the past year he’s managed to save almost £30,000, some of which has come from his role as an Army Reservist. Half of that has been used to buy Premium Bonds and the rest is in a current account.

He is risk averse and not confident about the prospect of investing, but is open to learning more and wants to build his knowledge in this area.

He and his wife are currently in the early planning stages of a loft extension on their house, funded by his father with £60,000 of early inheritance. He is expecting the build to start in the spring and cost around £50,000, with a £10,000 contingency.

Mr Godwin and his wife are animal lovers and keep chickens on their land. They plan to move to a larger house once their children have left school.

His current mortgage is £141,000 and he has no other substantial debts.

He earns £110,000 a year from his main job and, £13,000 from the Army, while his wife earns around £13,000 as a part-time primary school teacher.

Mr Godwin contributes 18pc to his workplace pension scheme, with his employer contributing a further 10pc. He is aiming to retire when he reaches 55.

Joe McGovern, independent financial adviser, MPA Financial Management

Mr Godwin and his wife are comfortably living within their means and have been able to save a significant amount of money, despite the fact he has been on reduced income. This is a very encouraging starting point.

Mr Godwin currently has £15,000 in a current account, which can act as an emergency fund should it be required. Emergency funds are a vital facet of any good financial plan. 

The money should not be subject to investment risk and should remain accessible so that it can be called upon in a time of need.

Mr Godwin already has this level within the Premium Bonds he holds, suggesting he can afford to invest the additional £15,000 should he wish to.

If he wanted to look at a stocks and shares Isa, depending on his risk profile, he could look at a Prudential PruFund Isa that smooths out investment returns, so the fund doesn’t suffer any sharp stock market falls. The downside is that he will not enjoy the full benefit of a fast rise in the markets.

However, this may be a good stepping stone to feel comfortable about long-term investments and provide an opportunity to increase his knowledge.

The couple are saving £1,000 per month. If they are averse to investing more, a sensible option would be for the couple to utilise some of the excess monthly expenditure to reduce the outstanding £141,000 mortgage loan.

Overpayment would result in the loan being paid off before the end of their remaining 18-year term, reducing overall interest payments and helping towards their goal of retiring around the age of 55.

Alternatively, Mr Godwin could consider remortgaging his existing home loan to a five-year fix, currently available as low as 1.54pc. If interest rates rise before his next move, he could insure against that by fixing now.

Mr Godwin’s gross salary of £123,000 means he falls into the “personal allowance trap”.