Financial wellbeing in Scotland
Scotland partnership manager, Kevin Duffy, discussed financial wellbeing in the nation and explains why financial guidance and education is more critical than ever – not just to your workforce, but also your organisation.
About Kevin
Kevin joined the Money and Pensions Service as Scotland Partnership Manager in January 2020, having spent the previous 20 years working in roles in banking and banking education for the Royal Bank of Scotland and the Chartered Banker Institute.
Kevin has significant experience of stakeholder management with financial services organisations, commercial employers and higher education institutions.
What is financial wellbeing?
For us at the Money and Pensions Service (MaPS), financial wellbeing is about feeling secure and in control. It’s about making the most of your money from day to day, dealing with the unexpected, and being on track for a healthy financial future. In short: financially resilient, confident and empowered.
Financial wellbeing in Scotland
Measuring financial wellbeing is not as straightforward as considering one single figure. Instead, to understand Scotland’s general financial wellbeing, we need to look at a collection of different measures and challenges, for example the number of people at risk of problem debt, the proportion of people saving or the number of people borrowing to buy necessities.
The price of everyday essentials is going up, making current cost of living pressures an economic issue for many. Inflation and interest rate rises mean that household budgets are being stretched further than before and communities in Scotland face significant financial wellbeing challenges.
Key financial wellbeing statistics in Scotland
- Over 600,000 adults either entered debt during the pandemic, or saw their pre-existing debt get worse (Citizens Advice Scotland)
- More than three quarters of adults impacted by debt during the pandemic say their mental health has been negatively affected (Citizens Advice Scotland)
- 24% of children are living in poverty (CPAG Scotland)
- 69% of children living in poverty are in households where someone works (CPAG Scotland)
Teaching children and young people about money in Scotland
According to our Children and Young People's Financial Wellbeing Survey, just 52% of children in Scotland have received a meaningful financial education.
However, financial guidance shouldn’t begin and end at school: there is a role for parents and carers, as well as organisations that work with families, to improve children’s financial literacy and understanding to instil financial wellbeing.
Financial education in school and throughout life can play a vital role in people’s wellbeing, and can help to enhance an organisation’s objectives, such as workforce efficiency or pension scheme uptake.
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.
How we have worked with partners in Scotland
Our partnership with NHS Borders
A recent example of the Money and Pensions Service’s collaborative work in Scotland is our partnership with NHS Borders to improve the financial wellbeing of their employees, as well as the people they support.
This plan focuses on various initiatives, including:
- MoneyHelper signposting in the workplace and on their Money Worries app
- A pilot of the Money Guiders programme which is being utilised by individuals from a range of settings across NHS Borders, the local authority and third sector
- Engagement in Talk Money Week events to continue to raise awareness and offer staff opportunities for participation.
Dr Sohail Bhatti – Director of Public Health, NHS Borders, said:
"It is extremely important to support the financial wellbeing of our employees, particularly with the current cost of living pressures people are experiencing. By working with Kevin and his colleagues at MaPS, we have been able to signpost to useful MoneyHelper information and access further resources for our teams through the Money Guiders programme which has been very well received."
Contact Kevin
If you would like to know more about how to embed financial wellbeing in your organisation, please contact Kevin via this form.Opens in a new window
UK Strategy for Financial Wellbeing
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 2020-2030Opens in a new window (PDF, 7MB)
Also see
- Find out more about the UK Strategy for Financial Wellbeing Delivery Plans across the UK