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Financial wellbeing in Yorkshire and the Humber

Yorkshire and the Humber’s five million-plus residents and 270,000 businesses add over £80 billion to the British economy and is appropriately termed the ‘Northern Powerhouse’ by government.

  • Financial wellbeing in Yorkshire and the Humber
  • Financial challenges and debt in Yorkshire and the Humber
  • Financial education in Yorkshire and the Humber
  • Supporting your workforce
  • How MaPS can help your organisation
  • Contact Jenny

About Jenny

Having worked all of her life in Yorkshire and the Humber and as a massive advocate of the North, Jenny is committed to driving social and economic change to improve the lives of people in the region.

Before joining MaPS, Jenny spent two decades working the financial services sector. She delivered front line services in some of the most deprived areas across the region and is proud to continue that work.

Contact Jenny Opens in a new window
Jenny Wright

Financial wellbeing in Yorkshire and the Humber

Like in the rest of the country, the COVID–19 pandemic has added to the existing financial wellness challenges in Yorkshire and the Humber. Our partnerships manager for Yorkshire and the Humber Jenny Wright looks at the situation on the ground and how financial wellbeing can help your business or organisation.

The raw materials for economic prosperity are all there. But economic and social exclusion persist in large parts of the region. Yorkshire and the Humber has significantly lower levels of employment of working-age people compared to the England average (ONS, 2020), but many jobs that are generated are low paid and insecure.

The Money and Pensions Service (MaPS) is here to help. We are set up by the government to offer free, impartial money and pensions guidance, and help your customers, colleagues and community build financial wellbeing.

Want to help employees manage their finances better? Embed our tools and calculators for free.

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Financial challenges and debt in Yorkshire and the Humber

People living in Yorkshire and the Humber are most likely to be in financial difficulty because they have missed paying domestic bills or meeting credit commitments in three or more of the last six months.

Average income in Yorkshire

While house prices are much lower than the English average (£190,377 compared with £304,681) and mortgage debt is consequently lower, average household incomes are below the English average too (£38,612 compared with £43,960). (Department of Work and Pensions, 2018).

Average amount of debt owed in Yorkshire

Generally speaking, ‘unsecured debt’ (credit card debt, for example) is lower than the UK average – adults in the region owe £2,960 each in unsecured debt. This is the lowest amount anywhere in the UK and compares to the UK average of £3,320. (Financial Conduct Authority Financial Lives Survey, 2018).

But again, averages don’t tell the full story. Even small amounts of debt can prove challenging for financially stressed households. In that category, the region ranks ahead of the UK:

"11% of people in the region are ‘in difficulty’ compared to a UK average of 8%, and 19.8% of children live in poverty/low-income households."

FCA Financial Lives survey, 2018

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Impact of coronavirus on Yorkshire businesses

As with everywhere else in the UK, the COVID–19 pandemic has exacerbated these enduring financial wellness challenges. Nearly one million (711,700) workers were furloughed under the government’s job retention schemeOpens in a new window, and nearly 30% of businesses furloughed employees.

It’s been a tough time for businesses and employees. Many workers have seen reduced incomes and hours, adding to existing stresses and worsening issues like problem debt (that is, debt that a person struggles to repay or manage).

Financial education is a key way to tackle our region’s long term issues – and to support residents as they deal with the effects of the pandemic. By helping employees understand key financial topics like debt, saving and pensions, we can make Yorkshire and the Humber much more financially resilient.

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Financial education in Yorkshire and the Humber

In these challenging circumstances, a little bit of financial education can go a long way. While it’s not the solution to all of Yorkshire and the Humber’s enduring difficulties, greater financial literacy empowers people to make good financial choices and, as a result, dramatically improve their quality of life.

MaPS was established by the government to power-up financial wellbeing in every region and nation in the UK.

Here at MaPS, we define financial wellbeing as feeling secure and in control. It’s knowing that you can pay the bills today, can deal with the unexpected, and are on track for a healthy financial future. In short: feeling confident and empowered with your money.

We offer a wide array of free support to organisations and businesses. Get in touch for free, bespoke support on how to build financial wellbeing in your organisation.

Employers can play a key role in helping us reach people across the region. Workers who have their finances under control are more productive and healthier. And the benefits of financial wellness can be felt all throughout our communities.

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Supporting your workforce

MaPS wants to work at a regional level in partnership with organisations across Yorkshire and the Humber. These stakeholders could be employers, charities or trade union

If you have an interest in improving financial wellbeing in your region, we want to hear from you. This could mean MaPS joining existing networks and forums, or perhaps even creating new ones.

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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.
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Contact Jenny

If you would like to know more about how to embed financial wellbeing in your organisation, please contact Jenny 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)

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Our other partnership regions

  • Northern Ireland
  • Scotland
  • North East England
  • North West England
  • Wales
  • East Midlands

 

  • West Midlands
  • East of England
  • London
  • South East England
  • South West England

Also see

  • Find out more about the UK Strategy for Financial Wellbeing Delivery Plans across the UK
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Also see

  • What is financial wellbeing?
  • UK Strategy for Financial Wellbeing
  • MoneyHelper

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