As a nation we are saving less and borrowing more, according to government statistics. This can be seen as a short-term view and, coupled with a lack of financial understanding, means many people can’t see problems building up before it’s too late, causing anxiety about their lack of financial security and day-to-day money worries.
70% of the UK working population struggles with the negative impact of financial worries, which affects mental wellbeing, relationships, health and productivity, according to independent research by our trusted personal loans partner, Neyber¹.
And at 80% for people working in the emergency services, the figure is 10% above the national average, with over half saying being under financial pressure affects their behaviour at work and ability to perform their job².
Further research shows that overall health and wellbeing is strongly linked to how effectively people manage their finances. Increasing financial capability can reduce the likelihood of depression and anxiety-related health problems by 15%³.
At Police Mutual, we aim to improve the financial health of the policing community by making timely interventions with information to help our members and customers minimise money worries both now and in the future. Here are just some of the ways we try to help improve the financial wellbeing of the policing community through education and prevention:
¹The DNA of Financial Wellbeing - Neyber 2016.
²Financial Wellbeing - Police, Fire and Rescue Services Spotlight - Neyber 2016.
³Financial capability and wellbeing - evidence from the BHPS, Taylor, Jenkins and Sacker 2009.