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.
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.
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.
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.
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.
We offer a wide array of free support to businesses including:
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:
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."
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
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)