Financial wellbeing in the East of England
Our partnerships manager for the East of England, Alan Nicholls, looks at financial challenges in the region and how the Money and Pensions Service can help organisations achieve financial wellbeing for the people they employ or support.
About Alan
lan has been involved in a range of initiatives aimed at improving financial wellbeing and access to financial advice for individuals and organisations.
Before MaPS, Alan’s previous roles have included Senior CSR Manager, Financial Wellbeing at Lloyds Banking Group, where he designed programmes to support customers struggling with financial systems and processes. He has also worked on a capacity and capability-building programme for credit unions to promote financial inclusion across the UK.
Alan is a Fellow of the RSA and a qualified executive coach.
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 East of England
The East of England is a diverse and dynamic region that encompasses six counties: Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk, and Suffolk. With a population of over six million people, the region is home to bustling cities, picturesque countryside, and vibrant coastal towns. However, the region does experience some financial wellbeing challenges:
Credit
According to our most recent Adult Financial Wellbeing Survey, 16% of adults in the East of England often use a credit card, overdraft, or borrow money to buy food or pay bills. This is a concerning trend that highlights the need for support and resources to help people improve their financial wellbeing.
Financial disparity
One of the significant challenges facing the East of England is the widening gap between different groups of people. The COVID-19 pandemic exacerbated pre-existing inequalities, and certain groups are more likely to face financial difficulties than others. For example, young adults, two-parent families, and ethnic minorities are more likely to use credit for everyday expenses. This trend is not limited to people on low incomes, however, as even middle and high-income earners are experiencing cost-of-living pressures.
Planning for the future
Another challenge facing the East of England is the lack of financial planning for retirement. Data from our Future Focus report, part of our Adult Financial Wellbeing Survey 2021, nearly two-thirds of renters in the East of England have no financial plan for retirement. This worrying trend highlights the need for more financial education and support to help people plan for their future.
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 the East of England
I have constructed financial wellbeing programmes for numerous East of England companies using the tools available on our employers pages. These pages provide resources such as colleague intranet site content, comms plans and signposting solutions, workplace pensions information, and tools to help employees manage their money.
This includes partnering with Bedford, Colchester and Stevenage councils, several housing associations, and Saffron, Cambridge and Suffolk Building Societies on the Money Advisor NetworkOpens in a new window debt advice pilot programme.
I have also collaborated with charities such as Age UK Norfolk, Suffolk Libraries, West Broadlands Social Prescriber’s Network and Lighthouse Construction Charity on the Money Guiders programme which offers financial education and guidance to individuals.
Contact Alan
If you would like to know more about how to embed financial wellbeing in your organisation, please contact Alan 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