The East of England is one of the fastest-growing regions in the UK for population and economy. Yet there are many challenges surrounding financial wellbeing in the area, which in turn can have economic impacts on local businesses and communities. Our regional partnership manager for the East of England, Alan Nicholls, is here to help your organisation.
The region also has a gross domestic product (GDP) of £196bn, which is around 8% of the UK’s total GDP (Money and Pensions Service (MaPS), 2020).
With close proximity to London and good transport links, a lot of this economic and population growth is being seen in the south of the region. More generally, the East of England’s prosperity is largely swallowed up by cities like Norwich, Colchester and Cambridge.
Between these urban centres, large rural landscapes make reaching the most vulnerable, pensioners, the over-indebted or those with low financial capability quite tricky.
Factors like this make for a population with checkered financial wellbeing, which in turn affects the output of employers, who, it’s estimated, lose £15 billion a year due to financial-stress related employee absences. (Neyber, 2019)
The Money and Pensions Service (MaPS) has been set up by government to help. We offer free, bespoke consultation and resources to boost financial wellbeing in your organisation, for your customers, colleagues and community. We also fund debt advice services, and offer money and pensions guidance online, by phone and in person.