Financial Wellbeing

Helping people be in a better financial position to withstand whatever life throws at them

How can organisations work in a joined up way to help those struggling with money across the UK be more financially resilient and move out of poverty?

We are taking a collective approach, working with a range of different partners, aligning projects with similar aims, building on what’s already out there and sharing emerging insights, data, products and services with anyone working on financial wellbeing. Get in touch if you want to be involved.

Why is this so important?

There is a massive need to provide people with support, skills, assets, resources to help them stabilise their income, reduce their debts, use credit appropriately, build up savings and avoid everyday challenges associated with the poverty premium.

The rising cost of living, introduction of Universal Credit, low wage growth and increasing job insecurity (enormously amplified by the Covid-19 pandemic) make keeping on top of finances evermore challenging. Life shocks and unexpected costs (be it a funeral or broken down boiler) can quickly move people to crisis.

11.6 million working age adults in the UK are struggling financially, finding it hard to keep up with bills and payments and to build any form of savings buffer. They have an average household income of £21k, household savings of under £100 a year and high levels of debt. A further 12.7 million working age adults are financially “squeezed’ – having significant financial commitments but relatively little provision for coping with income shocks, and are at risk of quickly getting into further financial difficulties if they face a life shock.

Shift

Financial Wellbeing

Helping people be in a better financial position to withstand whatever life throws at them

Why is this so important?

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