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Financial Wellbeing: Saving for goals, financial independence and your wellbeing

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- Getting into the savings habit and why it pays to save regularly
- Saving for emergencies and putting the rest where it can work
harder for you
- Top tips for choosing a savings account
- Help to Save if you’re on a low income
- Credit Unions and saving
- What are investments?

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Financial Wellbeing: Saving for goals, financial independence and your wellbeing

  1. 1. NHS England and NHS Improvement Saving for goals, financial independence and your wellbeing Virtual Community Meeting 12th November 2020 4pm – 5pm Welcome to our financial wellbeing mini-series: The financial health and wellbeing of our NHS people during the Covid-19 response In partnership with the Money Advice Service
  2. 2. 2 |2 | How today’s session will work #Caring4NHSpeople • Welcome and financial wellbeing offer • Why financial wellbeing is important • Money Advice Service & Partners • 1 Why it pays to save • 2 Saving options • Questions from Chatbox • Final signposting Start 16.00 Close 17.00
  3. 3. 3 | The team today Chat box facilitator Contributors Adam Turner Lee Appleyard Facilitator Technical producer Zarah Mowhabuth YouTube host Laura Mackenzie Andrew Johnson John Haslam Christopher Tweddell Paul Woodley
  4. 4. 4 | Please tell us why you’re here today a) I am here to learn for myself b) I am here to learn so I can support others c) I am here to report my learning back to my organisation’s Health and Wellbeing Team a) I am here on behalf of my organisation
  5. 5. 5 | What area do you work in? a) I work in a clinical setting in the NHS b) I work in an administrative or clerical role in the NHS c) I am a manager in the NHS d) I am a senior manager in the NHS e) I work in the wider care sector f) Other (please write in chat box)
  6. 6. The Money Advice Service Lee Appleyard, Partnerships Manager Money Advice Service 6 Why it pays to save • Financial wellbeing • Prepare for the unexpected • Financial goals
  7. 7. The Money Advice Service The Financially well have:  Control of month to month finances  Capacity to absorb a financial shock, for example a washing machine breaking down  Confidence that they are going to meet their financial goals  Financial freedom to make choices that allow them to enjoy life 7 Why it pays to save – financial wellbeing
  8. 8. The Money Advice Service Why it pays to save – prepare for unexpected costs Need help now? Call the Money Advice Service: 0800 448 0826
  9. 9. The Money Advice Service Why it pays to save – the 3 month saving challenge Need help now? Call the Money Advice Service: 0800 448 0826 Household income Savings Range Achieved Less than £15k £250 to £700 £15k to £20k £240 to £680 £20k to £30k £310 to £1,100 £30k to £40k £400 to £600 £40k to £60k+ £420 to £600 Ways people were able to find money to build savings  Shopped at lower cost supermarkets  Less takeaways and snacks  Packed lunch for work  Created meal plans  Used vouchers and coupons  Switched utilities  Stuck to a budget  Saved spare coins  Selling on Gumtree and Ebay  Changed broadband  Stopped smoking  Cashback deals
  10. 10. The Money Advice Service Why it pays to save – financial goals Need help now? Call the Money Advice Service: 0800 448 0826 • Saving towards a car, getting a home, a wedding, children’s education or towards retirement • Reduce reliance on borrowing and the additional cost of the loan through accrued interest • Future security and wellbeing Savings Wellbeing
  11. 11. The Money Advice Service Christopher Tweddell, HMRC 11 Help to Save • What is Help to Save? • How does it work? • How does the bonus work? • Who is eligible? • How to apply
  12. 12. OFFICIAL What is Help to Save? • Launched in September 2018 - Help to Save is an exciting new government savings account, designed to help working people on low incomes to build up their savings. • Developed and administered by HMRC, the accounts are government-backed, simple to open, and flexible. • Savers can pay in as little as £1 and up to £50 each calendar month and will receive a tax-free bonus of 50p for every £1 of eligible savings. • The scheme is open to working people who are eligible for Working Tax Credit or claiming Universal Credit*. 12| OFFICIAL | HELP TO SAVE |
  13. 13. OFFICIAL How does it work? • Easy to use digital savings account • Savers can pay in from £1 to £50 each calendar month and will receive a tax-free bonus of 50p for every £1 of eligible savings. • Once opened, an account runs for 4 years, with a bonus payable after 2 years and 4 years. • Over the four years, customers saving the maximum £50 per month can save £2,400 – receiving a tax-free bonus of £1,200. • Customers don’t have to pay in each month – and can withdraw their money whenever they like. However, withdrawing money will make it harder to increase the size of the bonus. 13| OFFICIAL | HELP TO SAVE |
  14. 14. OFFICIAL How does the bonus work? • There are two bonuses, paid after 2 and 4 years. • The first bonus, paid after two years, is a 50% bonus based on the highest balance achieved during the first 2 years. • The second bonus, paid after four years, is a 50% bonus based on the difference between the highest balance achieved during years 3 and 4 and the highest balance achieved during the first 2 years. • Over four years those saving the maximum amount of £2,400 would receive bonuses of £1,200. 14| OFFICIAL | HELP TO SAVE |
  15. 15. OFFICIAL Who is eligible for Help to Save? To be eligible for Help to Save, customers must be a UK resident and:- • receiving Working Tax Credit (WTC); or • have a nil award of WTC but receiving Child Tax Credit; or • in receipt of Universal Credit with minimum household earnings equivalent to 16 hours times the National Living Wage in their last income assessment period (£604.56). • And if someone is part of a joint award and eligible for Help to Save, they can each open an account. 15| OFFICIAL | HELP TO SAVE |
  16. 16. OFFICIAL How do customers apply? • Help to Save is a digital savings account on GOV.UK • Customers will be able to apply and sign in via a direct link to the service www.gov.uk/helptosave • …or through the HMRC app • Customers who are digitally excluded or who have particular needs will be able to open and use their Help to Save accounts using telephone banking. (0300 322 7093) 16| OFFICIAL | HELP TO SAVE |
  17. 17. The Money Advice ServiceNeed help now? Call the Money Advice Service: 0800 448 0826 How has COVID affected your ability to save? a) Saving more b) Saving less c) Saving about the same d) I am not able to save presently
  18. 18. The Money Advice Service John Haslam, The Association of British Credit Unions Limited 18 Saving with a Credit Union • Credit Unions in the UK • Why join a Credit Union? • Find your Credit Union • Credit Unions create savers • How to join a Credit Union
  19. 19. © ABCUL 2018 Credit Unions in the UK 277 GB Credit Unions Over 1.4 million adult members Over £1.5 billion in savings Over £1.1 billion out on loan
  20. 20. © ABCUL 2018 Why Join a Credit Union? Credit unions offer a range of savings accounts. You can choose to save as little or as much as you can afford, and payments can often be taken straight from your salary As a credit union member you are in control of your own finances and have a say in how your financial service provider is run. Credit unions serve you 'the member' by listening to your needs and developing the products and services that you want. Credit unions offer loan products suited to your individual needs and at rates you can easily afford.
  21. 21. © ABCUL 2018 Credit Unions Create Savers In 2017, ABCUL helped to produced a report, which found the following: 32% of respondents who would not have saved otherwise say the credit union helped or taught them to save 18% of respondents now will save regularly 18% of respondents said savings being taken automatically from their salary made saving easier 92% of respondents said that after taking out a loan their savings habit had been positively impacted their savings habit
  22. 22. © ABCUL 2018 How to Join a Credit Union • Every credit union has a ‘common bond’ – some criteria that all it’s members must have in common before they join. This is normally one of: • Where a person lives or works, or • Who their employer is • The best way to find out which you can join is to go to www.findyourcreditunion.co.uk and enter either your postcode or employer, and then follow the link to their website to sign up
  23. 23. The Money Advice ServiceNeed help now? Call the Money Advice Service: 0800 448 0826 What kind of savings do you have? a) I don’t have any savings b) I have enough to cover emergencies c) I am currently saving towards a goal d) I feel financially secure with my current savings e) I have some savings but want to maximise what I have
  24. 24. The Money Advice Service Andrew Johnson, Advice Manager Regulated Financial Products 24 • More options for saving
  25. 25. The Money Advice Service More options for saving – types of account • Instant and easy access accounts • Regular savings accounts • Fixed-term deposit accounts • ISA’s Need help now? Call the Money Advice Service: 0800 448 0826
  26. 26. The Money Advice Service More options for saving – for goals, some additional options • Saving money for my children • Towards a mortgage deposit • Options to maximise larger savings pots Need help now? Call the Money Advice Service: 0800 448 0826
  27. 27. The Money Advice Service Any questions - Q&As - Savings – Andrew - Help to Save – Christopher - Credit Unions and saving - John Need help now? Call the Money Advice Service: 0800 448 0826
  28. 28. The Money Advice Service What has this session inspired you to do? Please post your response in the chat box.
  29. 29. The Money Advice Service How to Get in Touch with the Money Advice Service 0800 448 0826 Guidance on financial wellbeing management Wellbeing Apps: Unmind, Headspace, Sleepio, Daylight Interactive web events Other Health and Wellbeing support Help now
  30. 30. The Money Advice Service Preparing financially for life events 26 November 2020 4pm – 5pm What’s coming next… In this session we will cover: • Preparing financially for planned and unplanned life events, such as setting up a home, having a baby and raising children, relationships and marriage, bereavement, divorce and separation. • Hints, tips and tools to help you do this, including the Money Advice Service website.
  31. 31. View past recordings via the links below: Event 1: Maximising your money – hints, tips and tools Event 2: Hidden figures - Talking about money in difficult circumstances Event 3: Mastering your Money & Creating Healthy Habits Event 4: Saving for goals, financial independence and your wellbeing Join future events via Zoom or You tube: Event 5: 26 Nov – Preparing financially for life events Event 6: 10 Dec - Pensions Need help now? Call the Money Advice Service: 0800 448 0826 Joining details: http://horizonsnhs.com/caring4nhspeople/ The link will be available 48 hours before the event.

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