12 May 2023
More of us are living from payday to payday
A recent Panorama documentary highlighted the very real squeeze that we are all feeling, as years of wage stagnation, dating back to 2008, have been exacerbated by the more recent wave of price increases.
Meanwhile a report by Welsh think tank the Bevan Foundation stated that almost half of Welsh people (48 per cent) felt that their mental health has been affected by the cost-of-living crisis. Around three in ten Welsh people reported their physical health had been negatively affected by their financial position.
With prices rising faster than wages, responsible employers are looking for ways to help support their staff.
Here in North Wales, we are working more than 50 employers to help their staff manage their money better. Employers from Natural Resources Wales to Airbus to Thorncliffe Building Supplies to Splashworld Plasmadoc have signed up to Moneyworks Wales with Cambrian Savings and Loans.
The Moneyworks Wales scheme is open to all employers right across Wales and allows staff to save or borrow, direct from their salary. Backed by Welsh Government, TUC Wales and with more than 150 employers on board, Moneyworks Wales is a collaboration between credit unions across Wales to help staff manage their money.
The fact is that the cost of living crisis has meant more of us are living from payday to payday, with little or no savings, meaning that every extra cost can become a financial emergency. With Moneyworks Wales, it is easy to start putting away a small amount each month, to build a financial buffer. Thanks to support from Stop Loan Sharks Wales, new Moneyworks savers or borrowers, working for one of our employer partners, will also be entered into a monthly draw to win £150.*
There are budgeting tools, created by Moneyhelper, which are tailored for different stages of life, whether that’s getting your first car, through to planning for a new addition to your family or looking towards retirement. If you are just looking for a household budget calculator to look at income and outgoings, that’s available too.
You can find the tools and more information on the scheme at moneyworkswales.com or at cambriancu.com
*Terms and conditions apply.