Financial wellbeing in the West Midlands
Around 90% of working people in the West Midlands live and work in the local economy, so looking after people’s financial wellbeing is good for business. Our regional partnership manager Dawn Cummins explores how the Money and Pensions Service can help your organisation to do just that.
About Dawn
Dawn has extensive experience of working with stakeholders across a range of sectors, having previously worked as a CEO for a small charity where she led strategic engagement for the voluntary sector throughout Northamptonshire.
Dawn held a senior role at the National Housing Federation and has substantial experience across the not-for-profit sector, having chaired a housing association board. This included leading its merger with a larger group to maximise development opportunities, to provide more affordable housing for those most in housing need.
Financial wellbeing in the West Midlands
The West Midlands is a large and diverse region with a rich manufacturing history and much to be proud of economically. Outside of London, the region ranks number one in the UK for exports, job creation and foreign business investment.
It is also home to some of the biggest and strategically important businesses in the UK, including Jaguar Land Rover, Cadbury, Bosch and JCB. Advanced manufacturing and engineering are at the heart of the current economic boom, with creative industries and life sciences fast growing sectors that have the potential to drive further growth and increase skills and productivity in the workforce.
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 challenges in the West Midlands
Despite significant growth, investment and an increase in jobs, many people still find it a struggle to meet ends meet.
Challenges in the region include:
- The second highest level of unemployment benefit claimants in England, with young people disproportionately affected (Department for Work and Pensions, December 2020).
- A decrease of 74,000 jobs in the year to June 2020 (Birmingham Economic Review, 2020).
- Over a third of areas in the West Midlands listed among the most deprived in the country (West Midlands Regional Economic Development Institute Partnership (WMREDI), 2020).
- An increase in the number of people with no qualifications to 11% (WMREDI, 2020).
- Resident wages below the national average. (WMREDI, 2020).
During the first wave of the coronavirus pandemic, the West Midlands was the worst hit area of the UK economically according to the Office for National Statistics. During the second quarter of 2020, the region recorded a 21% drop in output compared to an 18.8% fall in GDP country-wide. This was on top of the biggest regional fall of 4.7% in the first three months of the year. Add to this the joint highest take up rate of the Job Retention Scheme (furlough) in England, and an 89% increase in young benefit claimants, and you start to paint a picture of a fractured economy.
At the Money and Pensions Service we can provide communities and businesses with the tools and information they need to support financial wellbeing at this difficult time. Our cost of living hub pulls together tools, articles and resources on a range of financial issues, created specifically to support people with money worries.
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.
Contact Dawn
If you would like to know more about how to embed financial wellbeing in your organisation, please contact Dawn 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