As the effects of COVID-19 impact on all aspects of home and work life, financial wellbeing is likely to become a concern for many. This includes good financial wellbeing during this extraordinary time.
Financial wellbeing should be seen as part of a person’s overall health and wellbeing, and can be defined as:
- being able to respond to unforeseen expenses
- understanding how to financially plan for the future
- managing debt and a budget properly
- contributing to a pension scheme
- having the knowledge to make good financial decisions and understanding of where and how to seek advice and support
- being free from financial worry and distress
A focus on financial health – wellbeing webinar series one
Arden & GEM’s Organisational Development (OD) Consultancy have developed a virtual programme to support individuals to take care of their financial wellbeing as people experience worry or anxiety in a changeable working and home life environment.
Many workers may have experienced changes to circumstances over the past few months. Some staff roles may have changed, some retired staff may have returned to work and some staff may be thinking about retiring earlier. Partners may be furloughed or there may have been a family bereavement.
This wellbeing webinar series is designed to support staff to deal with any short term changes in circumstances, as a consequence of the coronavirus epidemic or a recent life changing event, as well as think about their long term financial situations. These sessions will help attendees understand the impact of these changes on their financial wellbeing now and for their future financial health. Household members are invited to attend too.
Webinar details are below – please click, on the day, the one you would like to attend and it should redirect you to a MS Teams webpage (please note: you will need to use Chrome or Microsoft Edge).
You can also find more information about the sessions on this document – Wellbeing Webinars Series 1- Focusing on your Financial health April 2021
- Wednesday 28 April (12-1pm) – Making the most of salary sacrifice and staff benefits and investments
- Wednesday 5 May (12-1pm) – The McCloud Pension: What it is and how it will affect you
- Wednesday 12 May (12-1pm) – Annual Allowance guidance for those with an income (wages plus other) of over £70k per annum
- Wednesday 19 May (12-1pm) – Using Life Coaching to support your Financial wellbeing
Supporting staff through significant financial hardship
We recognise that some of our staff may experience financial hardship. This may be due to many factors such as additional, unexpected (and hopefully temporary) costs being incurred, or through the loss of household income. Whatever the reason, this will undoubtedly cause pressure and anxiety for members of our staff.
In the past, the Trust has been able to support individuals suffering financial hardship. In the period leading up to the current pandemic, we worked with Citizens Advice and other partners on a financial wellbeing education programme, running sessions that were well-attended and reviewed positively. We will continue to run such programmes in the future.
Interest free loan for staff experiencing significant financial hardship
In order to support staff experiencing financial hardship during these exceptional times, the Trust is able to provide a number of interest-free salary advances of up to 4% of the basic annual salary, capped at a maximum of £800. This would then be paid back to the Trust, via salary deductions at an agreed rate, over a maximum 12-month period. The loan scheme is available to staff earning up to £35,000 (full time salary) and will be running for a limited time only.
It is important that this scheme does not exacerbate financial difficulties and lead to a staff member experiencing unmanageable debt further down the line.
Please note that in order to apply for financial hardship support, staff will be required to provide details regarding their personal financial circumstances, including if their current situation relates to the current pandemic. Any applications made will be managed discreetly.
To apply for this interest free loan please contact: firstname.lastname@example.org
Please refer to the following national organisations for further advice:
The Financial Conduct Authority https://www.fca.org.uk/consumers/mortgages-coronavirus-consumers offer guidance on the national provision around mortgage holidays during the pandemic
The Money Advice Service https://www.moneyadviceservice.org.uk/en/articles/coronavirus-and-your-money