Why does Money Management matter?
It is widely recognised that although employed, many low paid workers still live in poverty. Low paid workers are often in insecure or part time employment, especially women. In 2006/07 17% of the Scottish population (840,000 people) lived in relative poverty before housing costs. One third of those people (33%) were in families containing working members whose wages were not enough to lift the family out of poverty. In-work poverty has been a persistent problem in Scotland and the number of people in in-work poverty has not changed dramatically over the past 10 years.
What should I do?
Consider undertaking workforce auditing and profiling (gathering information about the make-up of your workforce i.e. low paid workers, part-time workers)
Provide awareness raising training for key staff E.g. HR Staff, Line Managers
Promote and inform staff on money matters via your staffnet site, info boards and newsletters
Consider applying for a grant via the Health at Work Low Paid Workers Grant Scheme - Click on the document on right hand side of page for further information
Consider offering an interest free
annual travelcard loan scheme that employees pay back on a monthly basis and is deducted from their salary at source
Consider hosting workplace sessions on money matters/financial inclusion. The Financial Services Authority deliver these for free.
http://www.gain4u.org.uk/ - Glasgow's Advice and Information Network - 0808 801 1011 1400hrs - 2000hrs Monday - Friday. click on the document on the right hand side of this page to download poster and leaflets for your workplace
http://www.cas.org.uk/ - Citizen's Advice Bureau
www.nacuw.org.uk/publications - National Association of Credit Union Workers
www.scottishcu.org - Scottish League of Credit Unions
For NHS GGC employees - http://www.equalitiesinhealth.org/Moneyworries.html