4:00 AM 29th September 2021
More Than A Quarter Of Adults In Yorkshire And Humber Feel More Financially Vulnerable As A Result Of The Pandemic, Royal London
More than a quarter (28%) of adults in Yorkshire and Humber feel more financially vulnerable as a result of the Covid-19 pandemic
30% attributed the increase in financial vulnerability to lack of income and 20% had a lack of savings to fall back on in the pandemic
The pandemic has caused a dramatic rise in financial vulnerability in Yorkshire and Humber. 28% of those in the area now feel more financially vulnerable than they did in March 2020, according to new research from mutual insurer Royal London.
Of those, 30% attributed this to a reduced income and 20% had a lack of savings to fall back on in the pandemic. Other reasons included an increase in expenditure on children (13%) and having to take on more debt (13%). When thinking of the future and being able to respond financially to a change in life circumstances, just 14% of adults in Yorkshire and Humber say they feel very financially resilient.
To help improve financial resilience in the UK, Royal London has launched its Changemakers programme, committing £1.5 million over three years to support ten social enterprises that have all created bold and innovative ideas to improve resilience and protect against life shocks, such as illness, divorce or change in income.
Royal London worked with the School for Social Entrepreneurs (SSE) to identify ten Changemakers: social enterprises creating unique solutions to build people’s financial resilience. From providing sustainable employment to refugees on bread stalls across London to supporting self-employed people with their finances, these Changemakers are already making a difference.
Sarah Pennells, Consumer Finance Specialist at Royal London, said:
Page & Bloom
The Growing Club CIC
Before I Go Solutions
Jobs for Family Carers
Easy As 123 Limited
Rosetinted Financial Services C.I.C.
“We know that the pandemic has affected millions of people’s financial resilience and that’s why investing in these inspiring Changemakers is so important. Each social enterprise has either direct lived experience, or experience by association, of the problem they’re trying to solve, and this comes with the passion to make a difference. We believe that these social enterprises can create real change and innovation is at the heart of it. We are delighted to support people who are looking at new ways of improving financial resilience.”