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How financial wellbeing benefits businesses and employers Employers benefit from financial wellbeing Over the period 2020–2030, a key role for MaPS will be to widen the range of leaders committed to improving financial wellbeing in public, private and voluntary sector organisations. The economic impact of Covid-19 has affected the mental health of some individuals, exacerbating a nationwide problem. Why financial wellbeing is importantĪ financially healthy nation is beneficial for individuals, communities, businesses, and the economy.įinancial stress – and its knock-on effects for mental health, relationship breakdown and physical health – can have severe consequences for individuals, organisations and communities. We survey the nation regularly to keep informed of changes in these personal finance areas. Improvements in financial wellbeing can be shown in either a decrease or increase in these key statistics. These statistics offer a strong indication of how financial wellbeing (and generally financial literacy and financial capability) is faring in the UK. 5.3 million children didn’t get a meaningful financial education (Financial Capability Survey 2018).22 million people said they don’t know enough to plan for their retirement.

9 million people often borrowed to buy food or pay for bills.

11.5 million people had less than £100 in savings to fall back on.

Receiving a meaningful financial educationĪnd here’s why these aspects of financial wellbeing are so important.

We break down the UK’s general financial wellness into five key areas:

There are multiple aspects to financial wellbeing. MaPS can help your organisation to start or continue developing ways to do this. It’s more important now than ever to help your colleagues, customers and community to build financial wellbeing. This, in turn, has positive effects on their overall mental and physical health, and on their relationships. People who experience financial wellbeing are less stressed about money. In short: financially resilient, confident and empowered.

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. Build financial wellbeing in your locationįor us at the Money and Pensions Service (MaPS), financial wellbeing is about feeling secure and in control.Share MoneyHelper’s cost of living campaign.