Financial wellbeing in South West England
Our Regional Partnerships Manager for the South West, Paul Fox, has an in-depth understanding of the region's economic challenges and helps organisations from various sectors to embed financial wellbeing in their offering. Here, he discusses how the Money and Pensions Service can support your organisation to do the same.
About Paul
Paul has lived in Dorset for 27 years with a wide-ranging career, engaging with sectors including defence, the NHS, education, SMEs, not for profits, and the wider private sector. He has strong experience in workplace wellbeing, employee development, governance, strategy, business development and marketing.
Paul is involved with networks and forums in the South West that provide support for people dealing with the cost-of-living pressures, food and fuel poverty, problem debt, redundancy, and pensions concerns.
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 the South West
The South West performs around average with other regions on several major indicators of financial wellbeing. However, England’s largest geographical region by area also has stark intra-regional contrasts. For example, Cornwall and Devon perform consistently worse on several financial wellbeing metrics than some better-off areas in Wiltshire. What’s more, they are disproportionately affected by a lack of transport and digital infrastructure compared to urban areas.
Concentrations of urban, rural and coastal deprivation contribute to a widening opportunity gap. Wages in the South West lag behind the rest of the country, with much of the employment in the being part-time. In 2022, the increased need for financial advice spread to less densely populated English regions, including the South West.
Financial wellbeing statistics in the South West
Our most recent Adult Financial Wellbeing Survey showed that there are challenges around both planning for retirement and credit commitments:
less than half (43%) of people in the South West understand enough to make retirement decisions
more than half (56%) having no financial plan in place.
almost half (47%) struggle to make bills and credit commitments, while 58% save every or most months.
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.
I also deliver keynote talks across the region to organisations who are looking to embed financial wellbeing across their business, or for the benefit of customers, service users or the public.
In the South West, over 1,700 people have been referred for free regulated debt advice via our Money Adviser NetworkOpens in a new window, and more than 50 front line professionals have benefitted from our flagship Money Guiders programme.
How we have worked with partners in the South West
Supporting military communities
MaPS has been providing financial wellbeing support to the South West’s military community for two years. Serving personnel, veterans, reservists, and their families have benefited from money and pensions guidance in the form of live presentations, magazine and digital channel content, and work to support personnel transitioning out of the military into civilian life.
Through this work, we are helping people become better equipped to handle financial challenges and opportunities as they begin a new phase of their lives, become more fraud aware and feel more confident about a range of money matters.
Major L C, (Royal Signals Regiment, SO2 Transition), who leads on life skills for the army across the South West said:
“Yet again many thanks for an excellent brief. Paul’s assistance to all military units in the South West is very much appreciated.”
Contact Paul
If you would like to know more about how to embed financial wellbeing in your organisation, please contact Paul 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)
Our other partnership regions
Also see
- Find out more about the UK Strategy for Financial Wellbeing Delivery Plans across the UK