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Maximising your money - hints, tips and tools for all NHS Staff

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Do you have a role in workforce, occupational health, organisational development, leadership, trade union support or other area that is supporting the wellbeing of our NHS people during and following the Covid-19 response?

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Maximising your money - hints, tips and tools for all NHS Staff

  1. 1. NHS England and NHS Improvement Maximising your money – hints, tips and tools for all NHS staff Virtual Community Meeting 1st October 2020 4pm – 5pm Welcome to our new 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 | Introduce yourself in the chat box Say: • Who you are • Where you are today • Your job role • What do you do to look after yourself and your team? • Send to “all participants” To join the wellbeing community list, click on the link at http://horizonsnhs.com/caring4nhspeople/ #Caring4NHSpeople
  3. 3. 3 |3 | Where are you joining from today? Presentation title
  4. 4. 4 | The team today Chat box facilitator Contributors Cheryl Samuels Facilitators Technical producer Zarah Mowhabuth YouTube host Louise Pramas Caroline Clarke Lynsey Ogilvie Ian Baines Nicholas Hill Caroline Laws Christy McAleese
  5. 5. 5 |5 | • Launch of the financial wellbeing support offer – Cheryl Samuels • Why the financial wellbeing of our NHS people matters – Caroline Clarke • Taking control of your money – budgeting - Nicholas Hill • Finding ways to save money - Nicholas Hill • Before you borrow money - Nicholas Hill • Getting the government support you’re entitled to? - Caroline Laws • Money worries and when to seek help - Christy McAleese • What’s next…Cheryl Samuels On our agenda today… #Caring4NHSpeople
  6. 6. 6 | Strongly agreeStrongly disagree Thinking about my financial situation makes me anxious…… POLL If you are on YouTube or the poll doesn’t work for you on Zoom, write your number in the chatbox
  7. 7. NHS England and NHS Improvement Welcome and launch of the financial wellbeing support offer Cheryl Samuels Deputy Director of Workforce Transformation – London Region NHS England and NHS Improvement
  8. 8. 8 |8 | Our vision for our NHS people #Caring4NHSpeople The NHS is one of the world’s largest employers and the biggest in Europe. We want to ensure that our whole workforce is supported to reduce the burden of financial difficulties and the wider impact this has on relationships and support networks felt by our people. The national financial health and wellbeing offer aims to provide a range of resources through our financial partners, for our people, their dependents and their families to make informed financial choices and decisions, whilst improving the mental health and wellbeing of our people.
  9. 9. 9 |9 | Samaritans volunteers have identified that a number of callers to the NHS staff helpline have raised this as a concern each week the helpline has been in place (26 weeks) A financial wellbeing guide has been developed and provided via the people.nhs.uk microsite, which has been viewed 6,886 times. Financial Wellbeing: what has happened so far… #Caring4NHSpeople
  10. 10. 10 |10 | Next steps: Launch financial wellbeing resource page https://people.nhs.uk/guides/financial-wellbeing/steps/financial- wellbeing-resources/ https://people.nhs.uk/help/
  11. 11. NHS England and NHS Improvement Why the financial wellbeing of our NHS people matters Caroline Clarke Group Chief Executive Royal Free London NHS Foundation Trust President, Healthcare Financial Management Association (HFMA)
  12. 12. 12 |12 | Looking after our people: Financial wellbeing • Financial concerns have consistently been in the top 5 reasons people call the free support helpline run by the Samaritans • We recognise that financial concerns can be complex and can place a considerable strain on our NHS people • A poor financial situation will have a direct detrimental effect on an individual’s mental health, producing physical and psychological symptoms such as loss of sleep, poor concentration and reduced motivation (i) • We need to anticipate need and respond with support that is as diverse as our people i. Money and Mental Health Policy Institute #Caring4NHSpeople
  13. 13. 13 |13 | Covid-19 impact #Caring4NHSpeople 9.4mWorkers furloughed (end May 2020) https://www.pwc.co.uk/services/economics/i nsights/uk-economic-update-covid-19.html Source: ONS, Coronavirus and the latest indicators for the UK economy and society: 24 September 2020 Source: ONS – Labour Force Survey
  14. 14. 14 |14 | ii. Britain’s healthiest workplace survey conducted by the University of Cambridge and RAND Europe The case for focusing on financial wellbeing Households financially compromised due to Covid-19 contributing to increased stress and anxiety Ave. 38 productive days per employee per year were lost due to absence (1.1%) and presenteeism (13.4%); this doubles for employees with financial concerns (ii) Recognising a diverse workforce has diverse pressures and needs, incl. cultural norms and multi-generational pressures Financial education and support becomes especially important in order to begin to redress the socio- economic imbalance in our society and our workforce #Caring4NHSpeople
  15. 15. 15 |15 | Results from the July People Pulse Survey #Caring4NHSpeople
  16. 16. 16 |16 | Results from the July People Pulse Survey What you should know BAME colleagues experience higher levels of concern about both financial and personal wellbeing. They also feel notably less supported than colleagues who identified as white and are much less confident in the approach local leaders are taking to manage the impact of the coronavirus. #Caring4NHSpeople
  17. 17. The Money Advice Service Client Name Yes, definitelyAbsolutely not Do you know how much you spend on your monthly household bills and outgoings? POLL If you are on YouTube or the poll doesn’t work for you on Zoom, write your number in the chatbox Examples • Gas bill • Electricity bill • Rent • Mortgage • Credit card interest • Mobile phone bill • Food • Pets
  18. 18. The Money Advice Service Nicholas Hill, Customer Advisory Manager Money Advice Service 18 • Taking control of your money – budgeting • Finding ways to save money • Before you borrow money
  19. 19. The Money Advice Service Taking control of your money - Budgeting Need help now? Call the Money Advice Service: 0800 448 0826 • Why and how to budget • Are you a Super Budgeter? Tips  Don’t forget to budget for annual bills and things like holidays and gifting occasions  Use your bank statements to help check for regular bill payments  If you use cash a lot, try to record what you spend it on Try our Budgeting tool, visit moneyadviceservice.org.uk
  20. 20. The Money Advice Service Finding ways to save money Need help now? Call the Money Advice Service: 0800 448 0826 • Cutting back on non-essentials • Review and switch to better deals Tips  Use more than one online comparison site to shop around for your best deals  Don’t get drawn into supermarket offers, they encourage us to spend 21% more than we intend to  If you make a shopping list, you are three times less likely to overspend Try our Quick Cash Finder tool, visit moneyadviceservice.org.uk
  21. 21. The Money Advice Service Before you borrow money Use the Loan Calculator on moneyadviceservice.org.uk to see what you could afford to repay Need help now? Call the Money Advice Service: 0800 448 0826 • Do you need to borrow? • Can you afford it? • Types of borrowing • Paying back what you owe Tips  Work out the true cost of borrowing  Almost two-thirds of people clear their credit card bills in full every month. Even if you can’t pay it all off, make sure you don’t just make the minimum repayments on your credit card bill.
  22. 22. The Money Advice Service Caroline Laws, Managing Editor Money Advice Service 22 • Getting the government support you’re entitled to?
  23. 23. The Money Advice Service Getting the government support you’re entitled to? Need help now? Call the Money Advice Service: 0800 448 0826 • Universal Credit and other Benefits − Child Tax Credits, Working Tax Credits − Rent and housing support (including discretionary housing payments) − Support if you have to self-isolate − Citizens Advice, ‘Help to Claim’ service − Benefit calculators – find out how much you’ll get − Money Manager for Universal Credit Tips  Don’t delay your UC application, you might have to wait up to five weeks before your first payment.  Be Scam Aware, save the real DWP number on your phone, it will show on your incoming calls as 0800 023 2635. Try our Money Manager for Universal Credit tool, visit moneyadviceservice.org.uk
  24. 24. The Money Advice Service Christy McAleese, Debt Advice Strategy Manager Money Advice Service 24 • Money worries and when to seek help
  25. 25. The Money Advice Service Money worries and when to seek help Need help now? Call the Money Advice Service: 0800 448 0826 • A debt adviser will treat everything you say in confidence and always be happy to talk to you, however small or big your problem is. • With lots of free advice services available across the UK, you can find help in a way that’s best for you. Tip  Don’t let your wellbeing suffer, most people who have received debt advice tell us they feel less stressed or anxious and more in control of their life again. Seek advice sooner rather than later. Use the Debt Advice Locator tool on moneyadviceservice.org.uk
  26. 26. The Money Advice ServiceThe Money Advice Service Thank you for your time today The Money Advice Service www.moneyadviceservice.org.uk 26 Thank you NHS Time for questions?
  27. 27. 27 |27 | How to Get in Touch with the Money Advice Service #Caring4NHSpeople 0800 448 0826 https://people.nhs.uk/guides/financial-wellbeing/steps/financial-wellbeing-resources/ In development
  28. 28. 28 | Very helpfulNot helpful To what extent has today’s session been useful in supporting your financial health and wellbeing? POLL If you are on YouTube or the poll doesn’t work for you on Zoom, write your number in the chatbox
  29. 29. The Money Advice Service Client Name Hidden figures - Talking about money in difficult circumstances for all NHS staff 15th October 2020 4pm – 5pm What’s coming next…

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