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Financial Wellbeing: Saving for goals, financial independence and your wellbeing
This document provides information about a virtual community meeting hosted by NHS England and NHS Improvement on financial wellbeing. It includes an agenda for the meeting which will cover topics like why financial wellbeing is important, saving options, and questions. It also includes information for participants on who will be speaking and which organizations are involved. Participants are asked to provide information on their role and area of work in the NHS, as well as how COVID has impacted their ability to save. Information is given on resources from the Money Advice Service that can help with financial wellbeing.
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Financial Wellbeing: Saving for goals, financial independence and your wellbeing
- 1. NHS England andNHS Improvement Saving for goals, financial independence and your wellbeing Virtual Community Meeting 12th November 2020 4pm โ 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 | Howtodayโs session will work #Caring4NHSpeople โข Welcome and financial wellbeing offer โข Why financial wellbeing is important โข Money Advice Service & Partners โข 1 Why it pays to save โข 2 Saving options โข Questions from Chatbox โข Final signposting Start 16.00 Close 17.00
- 3. 3 | The teamtoday 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 | Please tellus why youโre 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 organisationโs Health and Wellbeing Team a) I am here on behalf of my organisation
- 5. 5 | What areado 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. The Money AdviceService Lee Appleyard, Partnerships Manager Money Advice Service 6 Why it pays to save โข Financial wellbeing โข Prepare for the unexpected โข Financial goals
- 7. The Money AdviceService The Financially well have: ๏ผ Control of month to month finances ๏ผ Capacity to absorb a financial shock, for example a washing machine breaking down ๏ผ Confidence that they are going to meet their financial goals ๏ผ Financial freedom to make choices that allow them to enjoy life 7 Why it pays to save โ financial wellbeing
- 8. The Money AdviceService Why it pays to save โ prepare for unexpected costs Need help now? Call the Money Advice Service: 0800 448 0826
- 9. The Money AdviceService Why it pays to save โ the 3 month saving challenge Need help now? Call the Money Advice Service: 0800 448 0826 Household income Savings Range Achieved Less than ยฃ15k ยฃ250 to ยฃ700 ยฃ15k to ยฃ20k ยฃ240 to ยฃ680 ยฃ20k to ยฃ30k ยฃ310 to ยฃ1,100 ยฃ30k to ยฃ40k ยฃ400 to ยฃ600 ยฃ40k to ยฃ60k+ ยฃ420 to ยฃ600 Ways people were able to find money to build savings ๏ผ Shopped at lower cost supermarkets ๏ผ Less takeaways and snacks ๏ผ Packed lunch for work ๏ผ Created meal plans ๏ผ Used vouchers and coupons ๏ผ Switched utilities ๏ผ Stuck to a budget ๏ผ Saved spare coins ๏ผ Selling on Gumtree and Ebay ๏ผ Changed broadband ๏ผ Stopped smoking ๏ผ Cashback deals
- 10. The Money AdviceService Why it pays to save โ financial goals Need help now? Call the Money Advice Service: 0800 448 0826 โข Saving towards a car, getting a home, a wedding, childrenโs education or towards retirement โข Reduce reliance on borrowing and the additional cost of the loan through accrued interest โข Future security and wellbeing Savings Wellbeing
- 11. The Money AdviceService Christopher Tweddell, HMRC 11 Help to Save โข What is Help to Save? โข How does it work? โข How does the bonus work? โข Who is eligible? โข How to apply
- 12. OFFICIAL What is Helpto Save? โข 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. โข Developed and administered by HMRC, the accounts are government-backed, simple to open, and flexible. โข Savers can pay in as little as ยฃ1 and up to ยฃ50 each calendar month and will receive a tax-free bonus of 50p for every ยฃ1 of eligible savings. โข The scheme is open to working people who are eligible for Working Tax Credit or claiming Universal Credit*. 12| OFFICIAL | HELP TO SAVE |
- 13. OFFICIAL How does itwork? โข Easy to use digital savings account โข Savers can pay in from ยฃ1 to ยฃ50 each calendar month and will receive a tax-free bonus of 50p for every ยฃ1 of eligible savings. โข Once opened, an account runs for 4 years, with a bonus payable after 2 years and 4 years. โข Over the four years, customers saving the maximum ยฃ50 per month can save ยฃ2,400 โ receiving a tax-free bonus of ยฃ1,200. โข Customers donโt have to pay in each month โ 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. OFFICIAL How does thebonus work? โข There are two bonuses, paid after 2 and 4 years. โข The first bonus, paid after two years, is a 50% bonus based on the highest balance achieved during the first 2 years. โข 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. โข Over four years those saving the maximum amount of ยฃ2,400 would receive bonuses of ยฃ1,200. 14| OFFICIAL | HELP TO SAVE |
- 15. OFFICIAL Who is eligiblefor Help to Save? To be eligible for Help to Save, customers must be a UK resident and:- โข receiving Working Tax Credit (WTC); or โข have a nil award of WTC but receiving Child Tax Credit; or โข in receipt of Universal Credit with minimum household earnings equivalent to 16 hours times the National Living Wage in their last income assessment period (ยฃ604.56). โข 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. OFFICIAL How do customersapply? โข Help to Save is a digital savings account on GOV.UK โข Customers will be able to apply and sign in via a direct link to the service www.gov.uk/helptosave โข โฆor through the HMRC app โข 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. The Money AdviceServiceNeed 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. The Money AdviceService John Haslam, The Association of British Credit Unions Limited 18 Saving with a Credit Union โข Credit Unions in the UK โข Why join a Credit Union? โข Find your Credit Union โข Credit Unions create savers โข How to join a Credit Union
- 19. ยฉ ABCUL 2018 CreditUnions in the UK 277 GB Credit Unions Over 1.4 million adult members Over ยฃ1.5 billion in savings Over ยฃ1.1 billion out on loan
- 20. ยฉ ABCUL 2018 WhyJoin 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. ยฉ ABCUL 2018 CreditUnions 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. ยฉ ABCUL 2018 Howto Join a Credit Union โข Every credit union has a โcommon bondโ โ some criteria that all itโs members must have in common before they join. This is normally one of: โข Where a person lives or works, or โข Who their employer is โข 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. The Money AdviceServiceNeed help now? Call the Money Advice Service: 0800 448 0826 What kind of savings do you have? a) I donโt 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. The Money AdviceService Andrew Johnson, Advice Manager Regulated Financial Products 24 โข More options for saving
- 25. The Money AdviceService More options for saving โ types of account โข Instant and easy access accounts โข Regular savings accounts โข Fixed-term deposit accounts โข ISAโs Need help now? Call the Money Advice Service: 0800 448 0826
- 26. The Money AdviceService More options for saving โ for goals, some additional options โข Saving money for my children โข Towards a mortgage deposit โข Options to maximise larger savings pots Need help now? Call the Money Advice Service: 0800 448 0826
- 27. The Money AdviceService Any questions - Q&As - Savings โ Andrew - Help to Save โ Christopher - Credit Unions and saving - John Need help now? Call the Money Advice Service: 0800 448 0826
- 28. The Money AdviceService What has this session inspired you to do? Please post your response in the chat box.
- 29. The Money AdviceService 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. The Money AdviceService Preparing financially for life events 26 November 2020 4pm โ 5pm Whatโs coming nextโฆ In this session we will cover: โข 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. โข Hints, tips and tools to help you do this, including the Money Advice Service website.
- 31. View past recordingsvia the links below: Event 1: Maximising your money โ 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 โ 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.
Editor's Notes
- #13ย HMRC administer the scheme and carry out the eligibility checks. NS&I provide the bank account service.
- #14ย Help to Save is a digital by default service and only available online โ however those customers who canโt access the internet can apply via the helpline number and use telephone banking. We want to encourage customers to save what they can afford, therefore even a few pounds will start to build up and earn a bonus.
- #15ย Bonus 1 โ even if they have made a withdrawal they can still get 50% of their highest balance achieved. Bonus 2 = the highest balance in years 3 & 4 needs to be higher than the highest balance in years 1 & 2 in order to receive a second bonus. Therefore withdrawals may have a bigger impact on their ability to achieve the 2nd bonus.
- #16ย National Living Wage figure calculated based on 2018/19 rate from 1 April - ยฃ7.83. Household earnings for UC refers to earned income and doesnโt include income for benefits.