Another blog post from DU Member Digital Business Coach!
I am unsure as to the date of its publication BUT a new UK-wide strategy to transform the country’s well-being has been launched by the Money and Pensions Service [MaPS] under government mandate. This 10 year vision to improve millions of lives includes five priority areas to help make the most of money and pensions.
So, what is “financial well-being”?
It is knowing we can pay our bills today, deal with the unexpected tomorrow and be on track for a healthy financial future.
- 11.5m people had less than £100 saved
- 9m people often use credit cards to pay for food or essential bills
- 22m people say they don’t have enough for retirement
- 5.3m children aren’t getting a meaningful education
- 81% of the global workforce of 3.3 billion people have had their workplace fully or partly closed [BBC News online 7/4/20]
- Just 2,022 coronavirus business loans have been approved since launching 23 March; this represents 0.65% of enquiries with £291.9m loaned. Around 6m small and medium sized firms in the UK have monthly payroll costs of around £41billion. [City AM 7/4/20]
- Worldwide debt reached 322% of GDP in 2019; in simple terms debt rose by £8trillion last year to £206trillion. The Institute of International Finance [IIF] forecast that debt would rise significantly in 2020 – before they knew about the existence of COVID-19. As of December last, the world had $87 trillion more debt than at the start of the 2008 financial crisis.
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