Tackling Financial Insecurity in Nottinghamshire (UK) - Scoping Study

Financial insecurity affects people of all ages and being financially resilient is a crucial aspect of quality of life for all, in urban and rural communities. Low financial well-being has many knock-on effects on other aspects of life such as people’s mental and physical health, housing and homelessness, children’s educational attainment, children’s health and well-being, acquisitive crime, business sustainability and workforce skills.

Our Scoping Study was being pulled together at a time of significant financial difficulty. Average wages are falling at the fastest rate for more than two decades as annual pay growth fails to keep pace with the rising cost of living despite record numbers of job vacancies and low unemployment.

At the time of writing, the war in Ukraine and the impact that this is having on the worldwide economy is being acutely felt in terms of wholesale energy prices and spiralling food costs due to global supply chain blockages. This comes on the back of the impact of the COVID-19 pandemic on worldwide economies.

COVID-19 exacerbated financial difficulties for many and has pushed others into financial crisis for the first time in their lives.

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