Financial wellbeing in Wales
Lawrence Davies, Partnership Manager for Wales, looks at the financial wellbeing challenges in the nation, and how the Money and Pensions Service can help your organisation to make a positive impact for your colleagues and community.
About Lawrence
Lawrence has over 25 years’ experience in financial services. He is here to help companies and organisations across Wales improve the nation’s financial wellbeing and support business performance.
Contact Lawrence in Welsh or English to find out what he can do for your business.
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 Wales
There are large numbers of people in Wales whose perception of their finances is negative. That’s what financial wellbeing seeks to change. Instead of viewing money as a burden or a worry, it should be viewed from a place of confidence and control.
Every three years, we undertake the UK Adult Financial Wellbeing Survey. Results from our most recent survey show that in Wales:
- 53% of people struggle to keep up, are falling behind or have fallen behind with their bills
- 29% couldn’t pay an unexpected bill of £300 from spare money or affordable borrowing
- 58% do not have a plan for their finances in retirement
- 47% do not feel confident managing their money
- 68% are not satisfied with their overall financial circumstances
- 20% often use a credit card, overdraft or borrow money to buy food or pay bills
It is worth noting these figures are before the increases in the cost of living and offer a sobering look at the state of financial wellbeing in Wales. The good news is these problems can be improved through effective financial education and by raising awareness of money guidance available.
Supporting your workforce
Financial stress doesn’t just impact those on a low income – your whole employee base would benefit from a supportive approach to financial wellbeing, which could result in:
- happier, healthier and more productive workers
- staff feeling valued and seeing you as a responsible employer
- better talent attraction and retention
- a more sustainable and socially responsible business
- economic benefits for the country
Research also shows a link between struggling with money and poor mental health. Feeling low can in turn make it tough to manage money, causing a cycle of low mental and financial wellbeing.
How MaPS can support 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 Wales
Cardiff and Vale University Health Board
In summer 2022 a Financial Wellbeing and Cost of Living task group was set up by the Cardiff and Vale University Health Board, with input from MaPS. Cost-of-living issues were significant impacting employees and so a plan was drawn up to support staff, which included:
- a series of mobile roadshows during Talk Money Week
- MaPS resources including guidebooks and a QR code to the Money Helper website
- dedicated staff webpages with links to the Money Helper website and line manager training to become a ‘Wellbeing Champion’
- the opportunity for staff to join an online presentation on ‘Pensions’ and ‘Pensions and Menopause’.
Karen Vaughan, Cardiff and Vale University Health Board said:
“MaPS has played a key role in guiding and supporting our organisation in its development of a ‘Financial Wellbeing’ action plan, ensuring staff are signposted to evidence based, impartial and ethical advice,”
Contact Lawrence
If you would like to know more about how to embed financial wellbeing in your organisation, please contact Lawrence 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)
Also see
- Find out more about the UK Strategy for Financial Wellbeing Delivery Plans across the UK