What is financial wellbeing?

Financial wellbeing is about feeling secure and in control. It is about making the most of your money day to day, dealing with the unexpected, and being on track for a healthy financial future. In short: financially resilient, confident and empowered. For Scotland, and the rest of the UK, it is more important than ever.

We know that minimising financial stress has a positive effect on people’s physical and mental health, as well as their performance at work. Research shows that an estimated £15 billion of turnover is lost each year by organisations across the UK due to presenteeism and absenteeism caused by money worries (Neyber 2019).

As we navigate a ‘new normal’ through the pandemic, with a phased return to the physical office and an easing of government support measures, it is clear that the case for financial wellbeing in the workplace has never been more compelling or timely.

But where to start? Let’s talk money

Each November, we encourage Scotland and the rest of the UK to join the Talk Money Week campaign to develop conversations around this critical subject matter - from pocket money right through to pensions - and to celebrate the ongoing work of thousands of organisations across the country who are building the financial wellbeing of their employees and customers.

This year the initiative takes place from 8 – 12 November 2021 and our Participation Pack is full of ideas and resources to help you get involved.

Research shows that people who talk about money:
•    make better and less risky financial decisions
•    have stronger personal relationships
•    help their children form good lifetime money habits
•    feel less stressed or anxious and more in control

Talk Money Week enables people in Scotland, and across the UK, to build money conversations in their everyday lives and develop financial resilience, which better prepares them for unexpected challenges.

We want to turn talking about money from one of Scotland’s least favourite topics into something commonplace. Can you help us talk money this year and support our goal to improve the financial wellbeing of the UK?

Who are the Money and Pensions Service (MaPS)?

We are an arm’s-length body sponsored by the Department for Work and Pensions and our vision is “everyone making the most of their money and pensions”.

We help people and we’re here to transform financial wellbeing in the UK by ensuring everyone feels more in control of their finances throughout their lives.

Financial wellbeing matters for all of us. A financially healthy nation is good for individuals, communities, businesses and the economy.

In June 2021, we launched our new consumer service, MoneyHelper, which brought together the legacy services of the Money Advice Service, the Pensions Advisory Service and Pension Wise. MoneyHelper is here to make money and pension choices clearer with free and impartial guidance that’s backed by government.

If you’d like more information or wish to discuss further, please feel free to get in touch with me.

Kevin joined the Money and Pensions Service as Scotland Partnership Manager in January 2020, having spent the last 20 years working in roles across banking and banking education for the Royal Bank of Scotland and the Chartered Banker Institute. He has significant experience of stakeholder management with financial services organisations, commercial employers and higher education institutions. He is passionate about the UK Strategy for Financial Wellbeing and enjoys connecting with partners from all sectors to deliver MaPS’ vision. Outside of work, Kevin is married with two children, lives near Glasgow and is a keen trail runner, when the Scottish weather allows.