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Hidden Figures - Talking about money in difficult circumstances, for all NHS Staff

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Hidden Figures - Talking about money in difficult circumstances, for all NHS Staff

  1. 1. 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
  2. 2. 2 |2 | 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.
  3. 3. 3 | Ways to access support during COVID-19 Help now
  4. 4. 4 |4 | Looking after our people: Financial wellbeing We commit to looking after our people and keeping our people safe, healthy and well – both physically and psychologically. It’s estimated that 28% of adults, or 14 million people, have experienced a direct negative effect on their income.(i) i. Step Change #Caring4NHSpeople If we don’t look after ourselves, and each other, we cannot deliver safe, high quality care
  5. 5. 5 |5 | Financial Wellbeing is a Diversity Issue #Caring4NHSpeople Financial wellbeing is a diversity issue The crisis has so far impacted the earnings of the poorest households the most (ii) Around two-fifths of people from ethnic minorities live in low-income households, twice the rate for White people (ii) Half (49%) of people who have had a mental health problem have a gross annual household income of £28,000 or less, compared to one-third (34%) of those who have never had mental health problems(iii). With an average cost of £3,757 in the UK(iv), funerals can make this financial situation worse and put additional stress on an already stressful situation. (i) Independent Age (ii) (iii) Money and Mental Health (iv) Independent Age The People Plan says that we must understand, encourage and celebrate diversity in all its forms and this means addressing financial wellbeing.
  6. 6. NHS England and NHS Improvement Why the financial wellbeing of our NHS people matters Dr Sonya Wallbank Director of HR & OD (UK PPE) Consultant Clinical Psychologist
  7. 7. 7 |7 | We know that COVID-19 has had and continues to have an impact on the economy of the UK, including on employment and other factors that will impact the financial wellbeing of our workforce The economic impact of C-19
  8. 8. 8 |8 | The economic impact of C-19 Presentation title
  9. 9. 9 |9 | • Industry: we know that different industries have been impacted or are likely to be impacted differently • Some affected industries will have an impact nationally – retail, hospitality • Others will have impacts differentially in different parts of the country – • Aviation, which has impacted areas around the large London airports most significantly to date • Manufacturing – e.g. vehicle manufacturing with large plants in Swindon, Sunderland and Solihull • Creative industries – where a high number are self employed and the areas most affected are London and the South East • Energy – e.g. npower head office also in Swindon The economic impact of C-19
  10. 10. 10 |10 | We also know that local government in areas impacted by increasing COVID-19 rates have also expressed concern about the economic impact of local lockdown restrictions – currently focussed in areas of the north and midlands in England The impact of local lockdowns
  11. 11. 11 |11 | • Data analysed by the Centre for Cities shows areas where employment has been most negatively impacted by COVID-19 • The analysis shows that in addition to new ‘hot spots’, the overall impact is to exacerbate existing economic inequality COVID-19 and unemployment Area % increase in unemployment count Crawley 0.4 Slough 0.4 Basildon 0.4 Luton 0.3 London 0.3 Chatham 0.3 Aberdeen 0.3 Brighton 0.3 Cambridge 0.3 Birmingham 0.3 Area % overall unemployment rate Blackpool 9.9 Hull 9.8 Birmingham 9.8 Bradford 9.5 Liverpool 8.9 Luton 8.8 Slough 8.4 Sunderland 8.4 Middlesbrough 8.3 Blackburn 8.2
  12. 12. 12 |12 | Money, Debt and Mental Health People who are more likely to have been directly affected by coronavirus, or to have already been in a precarious financial situation beforehand are far more likely to have fallen behind on their bills1.Half (46%) of people in problem debt have a mental health problem2. Source: Money and Mental Health Policy Institute. 2019 *1 Money and Mental Health Policy Institute *2 Citizens Advice Bureau
  13. 13. 13 |13 | Unemployment and suicide Presentation title 0.29% – 0.39% 0.22 – 0.29% % point change in unemployment claimant count July-August 2020(Source: Centre for Cities) There is a correlation between areas of higher unemployment and rates of suicide – which may be exacerbated by an increase in economic uncertainty
  14. 14. 14 |14 | Economic inequalities and suicide Presentation title 8.8%-9.9% 7.3%-8.3% Unemployment claimant count rate August 2020 (Source: Centre for Cities) Where existing economic inequalities may be exacerbated – and where there is already a higher prevalence of suicide there may be further strain on people and families. Some of these areas present a ‘perfect storm’ where there are also high or increasing rates of COVID-19 in the community and where local lockdown restrictions have been imposed, with the resultant economic and psycho-social impacts.
  15. 15. 15 |15 | 1 research/Covid-19-and-its-impact-on-gambling-%E2%80%93-what-we-know-so-far.aspx Gambling, Wellbeing and Financial Abuse • 40% of people have found their disposable income has decreased. • YouGov data, those who had gambled in the past four weeks were more likely than the national average to have: • Spent more online on entertainment (17% of gamblers compared to 11% of all adults) • Watched TV more (58% of gamblers compared to 42% of all adults) • Viewed more news online (53% of gamblers compared to 49% of all adults) • Consumed more on-demand entertainment (51% of gamblers compared to 35% of all adults)
  16. 16. 16 |16 | Gambling and mental health Gambling can relieve boredom and loneliness, may be an escape from problems, depression. In its benign form provides stimulation and excitement. The action and excitement can be used as a form of escapism. Why do I gamble when it causes so much damage?” “Why can’t I just stop?” “Why am I putting myself through this?” 1 Many people find that the accumulation of gambling debts has detrimental effects on their mental wellbeing. 2 Gambling on-line is often financed with overdrafts, pay day loans and other short term and high cost sources of debt after credit card bets were banned in April this year. Question for all of us is: How are our workforce impacted and what can we do to support? 1 2 Citizens Advice Bureau
  17. 17. 17 | Event 1: 1 October 2020 at 4-5pm Event 2: 15 October 2020 at 4-5pm Event 3: 29 October 2020 at 4-5pm Event 4: 12 November 2020 at 4-5pm Event 5: 26 November 2020 at 4-5pm Event 6: 10 December 2020 at 4-5pm Join one of our interactive learning conversations on managing your money by MAPS and partners Joining details: The registration link will be live 48 hours before the event. Need help now? Call the Money Advice Service: 0800 448 0826