When it comes to finances, there is a common misconception that this is an employee-only issue. However, in South Yorkshire we're keen to support our workforce with their financial wellbeing and help to remove financial-stressors from their working day.

Money and debt issues that are left unchecked or get worse can lead to stress, anxiety, trouble sleeping and even suicidal thoughts. To ensure colleagues understand how to improve their financial situation - whether that's through trusted debt advice, information about NHS-approved lenders or details about how to save/plan for the future - we're here to help.

Fast-facts

  • £2,030 - the average credit card debt per household in July 2021*

  • £62,670 - average total debt per UK household in July 2021*

  • 24 years and 9 months - the length of time a credit card on the average interest rate would take to repay making only the legal minimum repayments each month.*

  • £431,000 per 1000 workers - estimated cost to the NHS. Statistics show that a high percentage of employees within the NHS face financial concerns and the subsequent impact this has on their mental health, wellbeing and productivity at work. Neyber research found this alarming cost to the NHS was also equivalent to over £2 million which is the same cost for a small-to-average District General Hospital of 5000 employees.**

  • £8,400 -  is the 'income gap' for those with common mental health conditions (anxiety and/or depression) compared with wider population without reported mental health conditions.***
Sources: The Money Charity*, NHS England** and Money and Mental Health Policy Institute***

Mintago Financial Wellbeing Support Pilot

During this difficult financial time, the South Yorkshire Integrated Care System have partnered with Mintago to provide a Pilot finical wellbeing application for 6 months. This Application Is available to all Health & Social care workforce including the voluntary sector.

 This application will provide following:

  • Employee Portal – Help plan, save and eventually spend.
  • Retirement Planner
  • Pension Hunter
  • Exclusive Benefits – debt advise, mortgage tracker, boosting credit score.
  • Retail Savings – groceries cinema tickets, etc.
  • Access to Free Financial Advisors

For more information, please see the employee brochure.   

To register for the application please use the QR Code on the poster or this link and complete the short questionnaire. You will require your National Insurance number to register that you will be able to find this on your payslip.

Sorry, the PDF could not be displayed. Click here to download the PDF

Sorry, the PDF could not be displayed. Click here to download the PDF

NEW Financial Wellbeing Video Programme

Below is a programme of videos designed to support you with your financial wellbeing. The videos were recorded by a Principal and Chartered Financial Planner on behalf of HALSA wellbeing: 

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Pensions

Pensions have many important advantages that will make your savings grow quicker.

A pension is basically a long-term savings plan with tax relief. Getting tax relief on pensions means some of your money that would have gone to the government as tax goes into your pension instead.

If you save through a defined contribution pension scheme, your contributions are invested. This is so they grow throughout your working life and then provide you with an income in retirement.

Generally, you can access the money in your pension pot from the age of 55, but this will increase to age 57 from 2028.

You can find out more about pensions on the MoneyHelper website -   Pensions and retirement | Help with pensions and retirement | MoneyHelper.

MoneyHelper also have a free and impartial line for NHS staff if you would like to ask any questions or discuss your individual circumstances. You can Get in touch online or over the phone on 0800 011 3797

I want to talk to someone about support for my financial wellbeing 

This is a difficult time for our NHS people and we know that financial concerns have consistently been one of the top reasons that colleagues call support helplines.

If you need support with dealing with the stress of managing money worries you can call Vivup on 0330 380 0658 at any time. 

Once you have contacted Vivup, you will be provided with fast-track access to assessment and the appropriate support pathway:

  • 24/7, 365 helpline 
  • Confidential, high quality, in house specialists 
  • Self help resources and signposting 

To find out more about this offer, you can visit the Health and Wellbeing Hub.

 

Offers from Vivup

Vivup also offers a range of other services through the platform. These include:

  • EAP 24/7 Telephone support line
  • F2F counselling
  • Childcare vouchers
  • Travel and Leisure salary sacrifice scheme where staff can pay for their holiday over 12 months
  • Salary sacrifice gym scheme (to work off the day to day stresses)
  • Bike shop scheme (for all accessories, helmets etc)
  • Lifestyle savings  including discounted supermarket shopping vouchers (Asda, Sainsburys, Tesco, Morrisons.  Etc). Lots of other  discounts for a large number of high street retailers. other discounts include Food and drink; Days out; Health and beauty etc  etc.
  • Debt advice from Angel Advance and ask Bill
  • Domestic Abuse App and Support – delivered via our trusted partner Bright sky
  • My Mind Pal App – mental fitness support
  • Home and Electronics
  • Cycle to Work
  • Tusker Car Benefit

 

Another resource that can offer support for financial wellbeing is the MoneyHelper NHS telephone support line, 0800 448 0826, is available Monday to Friday, 8am to 6pm.
People working for the NHS can call this support line, provided by the MoneyHelper Service, for free and impartial money guidance.

  • WhatsApp
    Add +44 7701 342 744 to your WhatsApp and send the MoneyHelper Service’s national support team a message for help with sorting out your debts, credit questions and pensions guidance.
  • Webchat
    Chat to one of the MoneyHelper Service team via their online portal.

 

I want to know about ways to save money on shopping and expenses

The Blue Light Card allows NHS staff to access a range of discounts online and in-store. Personalised to each member, your Blue Light Card costs £4.99 for 2-years access to our amazing range of discounts online and on the high street! You can find out more about which retailers accept the Blue Light Card here.

NHS Staff can sign up for a free membership card at The Company Shop. The Company Shop offers members a unique way of shopping, offering them surplus products from well-known brands at amazing prices, helping stretched budgets go further. To sign up up click here.

Too Good To Go is a company who are leading the food waste revolution. Too Good To Go lets people buy surplus food and drink from restaurants, grocery stores, pubs and producers to stop it from going to waste. To gain access to surplus food at reduced prices simply download the free Too Good To Go app and search for nearby businesses with unsold produce. You can then purchase a ‘Magic Bag’ and collect it at an allotted time. Download the app for IOS here and from Google Play here.

OLIO is another great food waste initiative which also results in a reduction to your expenditure. OLIO connects neighbours with each other and with local businesses so surplus food can be shared, not thrown away. This could be food nearing its sell-by date in local stores, spare home-grown vegetables, bread from your baker, or the groceries in your fridge when you go away. For your convenience, OLIO can also be used for non-food household items too. To find out more about OLIO and to download the app, click here.

 

I want to access tools and resources that can help support my financial wellbeing
  • Bill Prioritiser Tool –  This tool can help you sort your bills and payments in the right order as the consequences of not paying certain bills before others can be more serious. The tool can also offer advice about what to do if you’re struggling to pay a bill before you miss a payment.
  • Budget Planner Tool – This free Budget Planner puts you in control of your household spending and analyses your results to help you take control of your money. 
  • Couch to Financial Fitness – Would you like to feel more in control of your finances?  Try this free and flexible ten-week plan to help you build your confidence to manage your money.  Develop core saving skills, and create better habits for a long-term cash confident future.

  • Debt advice locator – If you’re struggling with debt, it can be hard to know where to turn. But with lots of free national and local advice services available across the UK, you can use this tool to find help in a way that’s best for you.
  • Debt and borrowing – take control of debt, get free debt advice, and affordable borrowing.
  • Benefits – Find out what benefits you’re entitled to and learn about Universal Credit.
  • Budgeting and managing your money – Advice on running a bank account, planning your finances, and cutting costs.
  • Work and redundancy – Advice on understanding your employment rights, what in-work benefits you might be entitled to and how to handle redundancy.
  • Family and care – money decisions often need to be made when looking after family members and partners, expecting a baby, or dealing with problems like illness, divorce or bereavement. MoneyHelper has easy to understand guides to help you.
  • Help with scams – Advice for spotting, avoiding and recovering from scams.

 

I am worried about energy bills

MoneyHelper help to explain what the recent energy announcements will mean for you. You can access their guidance here.

National Energy Action also provide advice on energy efficiency, heating your home and affordability of energy bills.

Previous events 

Winter 2021/22 programme: 

  • 03/11/2021: Introduction to your Financial Wellbeing - Slides
  • 11/11/2021: Making the Most of Salary Sacrifice, Staff Benefits and Investments - Slides
  • 23/11/2021: General Financial Awareness & Resilience - Slides 
  • 30/11/2021: Finance & Menopause - Slides
  • 10/01/2022: Coaching for Financial Health - Slides / Income and Expenditure Template
  • 17/01/2022: Planning for Ill Health and Death: Bereavement payments, estates and legacies - Slides
  • 24/01/2022: Everything those 30+ need to know about pensions, retirement and winding down - Slides

Summer 2022 programme:

  • 07/06/2022: General Financial Awareness & Resilience - Slides
  • 14/06/2022: Everything those 30+ need to know about pensions, retirement and winding down - Slides
  • 21/06/2022: Planning for Ill Health and Death: Bereavement payments, estates and legacies - Slides 
  • 28/06/2022: Financial Awareness for High Earners - Slides coming soon
  • 05/07/2022: Making the Most of Salary Sacrifice, Staff Benefits and Investments - Slides
  • 12/07/2022: Financial Mental Health & Wellbeing - Slides coming soon / Recording

Autumn/Winter 2022/23 programme:

  • 20/10/2022, 3:00pm: Pension and Menopause
  • 23/11/2022, 2:00pm: NHS Pensions Overview
  • 13/12/2022, 11:00am: NHS Pensions for the over 50's
  • 25/01/2023, 2:00pm: NHS Pensions for recent starters

  • Summer 2024 programme:

  • 11/06/2024, 12:00pm: NHS Pension Why sign up to the scheme - Recording / Slides


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Further information and resources

The NHS Credit Union is a financial co-operative, owned and controlled by its members supporting almost 20,000 NHS workers through it's membership scheme. 

The Union promotes financial wellbeing and a savings culture alongside reducing financial stress in staff and providing ethical financial assistance to those who need it.


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MoneyHelper, formerly the Money Advice Service, is a Government-approved financial support service that provides free impartial advice about loans, legal and statutory rights and resources to support budgeting and savings.


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Salary Sacrifice arrangement is an agreement between an employer and an employee where the employee gives up some of their contractual entitlement to cash earnings in return for non-cash benefits. Examples of this include:

  • Childcare vouchers
  • Cycle to work scheme
  • Car hire/lease scheme
  • Car parking
  • On-site nurseries

Source: NHS Employers


Further recommended support sites

The Citizens Advice Bureau provides information to help keep your finances stable, whilst the government provides information and guidance on what financial support may be available to you. You can also access the following financial services for assistance and support:

Cavell Nurses Trust

Helps nurses, midwives and healthcare workers receive financial assistance.

Junius Morgan Benevolent Fund

Provides financial support grants for nurses that have practiced in the UK for a minimum of 5 years.

Queens Nursing Institute

Delivers financial assistance to those experiencing money problems as a result of self-isolation.

Royal College of Nursing

Offers support to members and will also direct non-members to other support sources.

Royal Medical Benefit Fund

Helps doctors and their families in financial need.

Step Change

Provides free advice and practical solutions on debt and its effects.

The Debt Advice Foundation

A registered national debt advice and education charity offering confidential support to anyone worried about loans, credit and debt.

Turn2Us

Provides financial support to help people get back on track with their money, including those experiencing financial issues related to COVID-19.

Case story

Sharing good practice and a colleague's experience of our Financial Wellbeing programme:

Sorry, the PDF could not be displayed. Click here to download the PDF

Sorry, the PDF could not be displayed. Click here to download the PDF

Recommended reading

  • Why didn't they teach me this in school? By Cary Siegel
  • Rich Dad, Poor Dad by Robert Kiyosaki
  • The Total Money Makeover by Dave Ramsey
  • Broke Millenial by Erin Lowry
  • Your Money or Your Life by Vicki Robin