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).
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