What are the implications of today's financial market crash for the average person?

[Theowbh]

I don't hold stocks and shares and my pension is not dependent on stocks.

Are we entering another global recession like 2008?

Can someone translate the implications please?

Anyone!?

It's awful. We have shares that haven't recovered from 2008 and now look even worse.

Long term it's the impact on supply and demand. Confidence in the markets is low so spending will drop and it becomes a vicious cycle.

Inflation is bound to rise so all things in shops etc will cost more.

It's not good

Petrol is much cheaper if that's any consolation!

Probably are entering a recession to be honest. Not really surprised considering everyone's reaction to coronavirus.

Not an expert but George Osborne said that this was likely to be a short term issue rather than a long term problem like the financial crisis.

What market crash? It looks like a moderate correction to me.

First time I've ever seen my stocks and shares ISA go minus

I've been wondering the same OP. I have no stocks and shares, and I imagine most people don't. There must be more to it? Mind you, I don't really understand most finance-related news items 😳

Will it affect mortgage rates? I’m coming to an end on my fixed rate and wonder if I should wait before going for a new fixed, will they drop further? I can fix now for 2.24 for 10 years, I know that’s very good already...

Unless people are obliged to sell their share holdings today they will be largely unaffected in the medium long term. If the underlying investments are sound prices will bounce back.

Incidentally when people say they have no stocks and shares, they may still have pensions and insurance policies which depend on the stock market.

Interest rates are likely to go down rather than up, but it will become more difficult to get a loan as banks become more cautious about who they lend to.