Financial wellbeing in the East Midlands
Economically, the East Midlands profits from its relative proximity to London. Its position on the national motorway and trunk road networks have helped the region to thrive as an economic hub.
Paul helps organisations like yours across the East Midlands to help improve the region’s financial wellbeing and support business performance.
Contact Paul to see what he can do for your business.
East Midlands partnerships manager Paul Rhodes looks at the challenges around employee financial wellbeing in the East Midlands, how it can impact your business, and the ways in which the Money and Pensions Service can help.
Unforeseen circumstances – such as COVID–19, for example – can although, alter the economic formula. Long term, a sustainable economic future for our region will depend, in part, on widespread financial literacy.
That’s why the Money and Pensions Service (MaPS) was set up. MaPS was established by the government to improve financial education in every region and country in the UK. Our work is done regionally as well as nationally, on the ground with stakeholders.
At present, our region has the lowest proportion of children receiving a meaningful financial education (MaPS, 2020). This needs to change – but establishing and maintaining a culture of financial wellbeing in the East Midlands can’t and won’t stop in schools. Employers will need to play their part too.
And it will be in their best interests financially to take on this responsibility: it’s estimated that more than £15 billion is lost each year by businesses across the UK due to employee absences caused by financial stress (Neyber, 2019).
Want to help employees manage their finances better? Embed our tools and calculators for free.
Financial wellness challenges in the East Midlands
Saving and budgeting
People across the UK aren’t saving enough. In the East Midlands, this issue is particularly acute. Only half of the working-age people in the area save regularly, but we know that in the last year 71% of adults receive an unexpected bill each year (MaPS, 2020).
Debt and borrowing
Clearly, these current figures cannot coexist happily with widespread financial wellbeing. The stress and worry caused by not having a financial buffer is enough to derail financial wellbeing in itself, let alone the debt trap that comes with emergency borrowing.
According to our statistics, around 500,000 (13%) of adults in the East Midlands use credit (so some form of lending) to pay for everyday bills (MaPS, 2020). We also know that less than a third of adults (32%) have accessed debt advice.
Effects of the pandemic on financial wellbeing
The concern is that the economic impacts of COVID–19 could worsen financial wellbeing trends. Analysis by the Centre for Progressive Policy analysis found the decline in economic output is estimated to reach close to 50% in parts of the Midlands. The East Midlands’ regional economy could shrink by almost 10%.
Free financial education in the East Midlands
That’s what MaPS is doing in the East Midlands and beyond. In my role as partnerships manager, I work with organisations across the region – schools, businesses, charities, you name it – to ensure every single person can access free, high-quality financial education resources. So get in touch with me to find out how I could support you and your organisation.
How MaPS can help your organisation
We offer a wide array of free support to businesses including:
- A dedicated partnership manager based in your location, with managers in Northern Ireland, Scotland and Wales and regions across England.
- Bespoke support to help you build and implement your financial wellbeing strategy.
- A selection of guidesOpens in a new window available in English and Welsh, and in print, braille or audio format, for free.
- A help with the cost of living hubOpens in a new window featuring articles, tools, calculators and a printable guide to support your colleagues and customers.
- Our annual Talk Money Week awareness campaign, which provides a platform for conversations about money in all walks of life.
- MoneyHelper offers a bi-lingual service via a variety of channels, with tools and helplines in EnglishOpens in a new window and WelshOpens in a new window
- Guidance on life events, such as a section on losing your jobOpens in a new window or about divorce and how this affects pensionsOpens in a new window
- Help employees plan for later life with a section dedicated to pensions and retirement guidanceOpens in a new window
- Various tools and calculatorsOpens in a new window offer personalised guidance for topics including debt advice.
Over the decade, the UK Strategy for Financial Wellbeing is aiming to help people gain more confidence to manage their money. The vision is for everyone to make the most of their money and pensions in the short, medium and long term.
Read our UK Strategy for Financial Wellbeing 2020-2030 (PDF, 4.4MB)
Our other partnership regions
Also see
- Find out more about the UK Strategy for Financial Wellbeing Delivery Plans across the UK