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Financial Wellbeing: Mastering your Money & Creating Healthy Habits

This session covered:

- Budgeting and sticking to your spending plan
- The best way to pays bills – how to pay bills on time, ways to pay, keeping on top of bills
- Top money-saving tips to help you shop smarter and how to find the best deals with price comparison websites
- Before you borrow money, it’s worth knowing the difference between good debt and bad debt
- How to work out the true cost of borrowing – comparing the cost of borrowing £1,000
- How your credit rating affects the cost of borrowing and how to improve it
- Protect your money from scams – a beginner’s guide

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Financial Wellbeing: Mastering your Money & Creating Healthy Habits

  1. 1. NHS England and NHS Improvement Mastering your money and creating healthy habits Virtual Community Meeting 29th October 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 • 1 Sticking to a budget, smart shopper • 2 Before you borrow • 3 Scams – protecting your money • Questions from Chatbox • Final signposting Start 16.00 Close 17.00
  3. 3. 3 | The team today Chat box facilitator Contributors Adam Turner Facilitators Technical producer Zarah Mowhabuth YouTube host Laura Mackenzie Ian Baines Nicholas Hill Nicola Collinson Christy McAleese Paul Woodley
  4. 4. 4 | A Question……………. How have you changed your financial habits post CV-19? 1. Reflect on your answer for 30 seconds 2. Write it in the Chat Box 3. Have a look at what others are writing – do you have a similar experience, feel free to discuss?
  5. 5. The Money Advice Service Nicholas Hill, Customer Advisory Manager Money Advice Service 5 • Sticking to a budget and a spending plan • Managing bills • Be a smarter shopper
  6. 6. The Money Advice Service Sticking to a budget and a spending plan Need help now? Call the Money Advice Service: 0800 448 0826 Means you’re: • Less likely to end up in debt • Less likely to get caught out by unexpected costs • More likely to have a good credit rating • More likely to be accepted for a mortgage or loan • Able to spot areas where you can make savings • In a great position to save up for a holiday, a new car, or another treat  Over half of UK households keep a regular budget.  Most say it gives them peace of mind about how much they are spending, and makes them feel better about life in general.  Manage your money better with our Budget planner tool. Try our Budgeting tool, visit Financial Wellbeing
  7. 7. The Money Advice Service Managing Bills – keeping in control of your money • Research suggests that between 16-22% of us are struggling to pay our bills (ONS April 2020) • 17% of households had missed payments on bills or credit commitments (the Standard Life Foundation tracker) • 41% of people expected their financial position to get a little/ lot worse over the next 12 months (ONS April 2020) Need help now? Call the Money Advice Service: 0800 448 0826
  8. 8. The Money Advice Service Be a smarter shopper - keeping in control of your money Need help now? Call the Money Advice Service: 0800 448 0826 • An average family of four can save £60 a month simply by reducing the amount of food they throw away. Love food hate waste • The average person could save £300 on their gas and electricity bills alone, just by switching supplier. Ofgem • Turn down your thermostat by just 1°C, and you could cut 10% off your heating bill - an average saving of about £55 a year. • Switch off appliances on standby, and you could save around £30 a year.  Identify what you spend your money on  Shop around  Use price tracking websites  Beware of special offers  Don’t impulse buy  Check reviews  If using price comparison websites, check a few to compare deals and make sure the product fits your needs Financial Wellbeing Stay in control of your money
  9. 9. The Money Advice Service Christy McAleese, Debt Advice Strategy Manager Money Advice Service 9 • Before you borrow money • Do you know the true cost of what you are about borrow? • How your credit rating affects the cost of borrowing and how to improve it Nicholas Hill, Customer Advisory Manager Money Advice Service
  10. 10. The Money Advice Service Before you borrow money – things to consider Need help now? Call the Money Advice Service: 0800 448 0826  Have I shopped around to get the best deal?  Am I borrowing this money as cheaply as possible?  Will I be able to cope should interest rates rise in the future?  Will I comfortably be able to afford the monthly repayments?  Will borrowing this money improve my finances in the long run?  Do I understand the risks and what could happen if things go wrong?  Do I understand all the terms and conditions associated with borrowing this money? Financial Wellbeing Stay in control of your money
  11. 11. The Money Advice Service Do you know the true cost of what you are about borrow? Need help now? Call the Money Advice Service: 0800 448 0826  the loan amount  the cost of any fees  the frequency of repayments  the length of the borrowing term  the rate of interest you’ll be charged  and works out the total amount you will have to pay to the lender The true cost of borrowing takes into account: Try our Loan calculator, visit
  12. 12. The Money Advice Service Have you ever checked your credit rating? POLL If you are on YouTube or the poll doesn’t work for you on Zoom, write your number in the chatbox 1 – Yes 2 – No Poll
  13. 13. The Money Advice Service How your credit rating affects the cost of borrowing and how to improve it Companies use a variety of information to give you a credit score and determine if they will lend to you and on what terms. Credit scoring can be based on information such as: • what you provide on your application form • what the lender might already have about you, based on previous accounts you have with them or previous applications, and • your credit report at one or more credit reference agencies – the three main CRAs are Experian, Equifax and TransUnion. Need help now? Call the Money Advice Service: 0800 448 0826 A poor credit rating or score can mean you are:  charged higher interest rates  given a smaller credit limit  simply rejected outright. Financial Wellbeing Stay in control of your money
  14. 14. The Money Advice Service How to improve your credit rating • Register on the electoral roll • Check for mistakes on your file • Pay your bills on time • Check if you’re linked to another person • Check for fraudulent activity • Keep your credit utilisation low Need help now? Call the Money Advice Service: 0800 448 0826 A good credit score with:  TransUnion is 781 out of 850  Equifax is over 420 out of 700  Experian is over 880 out of 999 Be aware that your credit score doesn’t guarantee that you’ll be approved for credit or offered the lowest interest rates Financial Wellbeing Stay in control of your money Check your credit report for free  MSE Credit Club  Credit Karma  Clearscore
  15. 15. The Money Advice Service Nicola Collinson, Pensions Operations Manager 15 • Protect your money from scams
  16. 16. Money and Pensions Service HOW MUCH IS LOSTTO SCAMS? • £130bn - £190bn a year • More likely to fall victim to fraud or cyber offences above any other crime • April 2018 and March 2019 there were: − 741,123 crimes were reported to Action Fraud − £2.2bn lost by victims − 65% businesses and 35% individuals 16
  17. 17. Money and Pensions Service Types of Scam 17 STOP Don’t be Rushed Think Phishing Loan fee fraud Authorised push payment Fraud Advance-fee Fraud •Vishing Smishing Safe account scams Door to door scams Pensions scams
  18. 18. Money and Pensions Service CORONAVIRUS SCAMS • Investing in the stock market – get rich quick schemes • Emails from government offering money, or HMRC with tax rebates • Text messages, email phone call saying there’s an issue with your payment or bill • Claim to be from banks offering financial help BE EXTRA VIGILENT 16/11/2020 18
  19. 19. Money and Pensions Service PHISHING - EMAIL SCAM • Looks legitimate • HMRC, PayPal, Apple, Amazon • Encourages you to click on a link to log into your account - ‘your account has been locked’ - ‘you’re owed some money’ - link goes to a fake website which collects your information. • Email attachment - usually a computer virus • How to spot it ? Usually addressed Dear Sir, Dear Madam or Dear Customer Email address filled with random numbers or deliberate spelling mistakes • What to do? Never clink links in suspicious emails – go direct to the website 19
  20. 20. Money and Pensions Service VISHING – A PHONE CALL SCAM • Scammers pretend to be from your bank, building society or even a government agency • During the phone call, the fraudsters will attempt to get you to reveal your personal details How to spot it • Very difficult • Hang up and call your bank etc direct • Be careful scammers can hijack phone line, so hang up and wait a few minutes before calling or use a different phone What to do – Hang up 16/11/2020 20
  21. 21. Money and Pensions Service ADVANCE-FEE FRAUD  Email scam  Well known  Ask to use your bank account to deposit large sum of money  Offer to pay you a fee  You’ll be asked for your bank details  They’ll clear out your account  Also claiming an inheritance from a long lost relative How to spot it? Looks too good to be true!! Spelling and grammar poor - a give away What to do? Ignore it 16/11/2020 21
  22. 22. Money and Pensions Service AUTHORISED PUSH PAYMENT FRAUD  Aim to get you to voluntarily send or authorise a payment  Posing as a legitimate business  Often by intercepting or hijacking your email account  Buying a house, having building work done or booking a holiday How to spot it?  Very Difficult - Don’t assume all emails are genuine What to do?  Check with the company and make sure bank details match  Make a complaint to your bank and bank receiving the payment 16/11/2020 22
  23. 23. Money and Pensions Service Pension scams and how to spot them • Contacted out of the blue • Applying pressure to make a decision quickly • Guaranteeing high investment returns • Promising access to your pension before the age of 55 • Offer of one-off investments, time-limited offers, upfront cash incentives, free pension reviews, legal loopholes of government initiatives • Little or nothing in the way of contact names, addresses or phone numbers IF IT SOUNDS TOO GOOD TO BE TRUE, IT NORMALLY IS 23
  24. 24. Money and Pensions Service How to stay safe from pension scams 1. Make sure anyone giving you financial advice is approved and regulated by the Financial Conduct Authority (FCA) Check FCA Register or call 0800 111 6768 2. You should ask the scheme that you are transferring from to check the new scheme's HMRC registration - they can make sure if it is a legitimate scheme 3. Never be rushed into making a decision 4. Don’t proceed unless you are absolutely certain your money will be safe because once you transfer it’s often too late 24 The Government has now banned cold calling in connections to pension. If you’re contacted you should let the Information Commissioners Office know. There are a number of things you can do:
  25. 25. Money and Pensions Service PENSION SCAMS Further help from the Pensions Advisory Service  Helpline: 0800 011 3797 Monday to Friday 9am – 5 pm  Webchat or Online Enquiry via website  25
  26. 26. Money and Pensions Service REPORT A SCAM  Report it to Action Fraud  Online reporting: cyber-crime  Telephone 0300 123 2040 ] 26
  27. 27. Money and Pensions Service PROTECT YOURSELF AGAINST SCAMMERS  Ignore cold calls – sign up to call blocking  Never give out personal information  Keep virus protection up to date  use strong passwords – don’t use the same on multiple accounts  Change regularly  Don’t make advance payments unless sure company legitimate  Avoid public wifi  Check websites start with HTTPS not just HTTP  Only use regulated financial advisers guide-to-scams 16/11/2020 27
  28. 28. Which of these scams have you been approached by? 1. Phishing 2. Loan fee fraud 3. Authorised push payment fraud 4. Advance fee fraud 5. Vishing 6. Smishing 7. Safe account scams 8. Door to door scams 9. Pensions scams Tick as many as you have been approached about, if you are inYouTube please write your response in the chatbox
  29. 29. 29 | 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. 30 | Dreams, goals & financial plans whilst making your money work for you 12 November 2020 4pm – 5pm What’s coming next… In this session we will cover: • 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?