Wales TUC is calling on bosses to do more to support workers who are struggling with money.
The union body is calling for action on unfair pay, for more employers to set up financial well-being schemes, and greater access to payroll savings options – and they claim that these measures could create greater openness about money issues among workers.
The call comes as part of Talk Money Week, an annual awareness campaign coordinated by the Money and Pensions Service to encourage everyone to open up about their money and pensions. Talk Money Week aims to reduce the stigma around money by encouraging conversations among families, friends, neighbours, customers, colleagues and communities.
Research from the Chartered Institute for Personnel and Development shows:
Wales TUC is calling for action to tackle the issue including:
Kevin Williams, Union Learning Support Officer from Wales TUC said:
“With the cost of living rising, the continued impact of the Covid pandemic and the recent cuts to Universal Credit, now is a crucial time for everyone to start opening up and talking about financial management on a domestic level in order for families to fight back against the hardship suffered by so many over the past 18 months.
We need to see employers step up and give workers who are struggling the support they need. And we need government to act when employers seek to exploit workers who find themselves with money troubles”
Caroline Siarkiewicz, Chief Executive at the Money and Pensions Service says:
“As we continue to respond to the challenges of the Covid-19 pandemic, financial wellbeing remains key to the UK’s recovery: a financially healthy nation is good for individuals, communities, business, and the economy. Talk Money Week provides a key opportunity for the nation to break the taboo of discussing money and finances. We are pleased to see so many organisations encouraging conversations about money - from pocket money to pensions - to help people across the country make better informed and more positive decisions about their finances.”
About the Wales TUC
The Wales TUC exists to improve the economic and social conditions of workers in Wales, regardless of if they are currently in a job or not. Around 400,000 people are trade union members in Wales. The vast majority of these people are members of trade unions which are affiliated to the Wales TUC.
About Talk Money Week
Talk Money Week is an annual public awareness campaign, run by the Money and Pensions Service, to get the nation having conversations about money. Talking about finances has been shown to help people make better informed and less risky financial decisions, feel less stressed or anxious and more in control, have stronger personal relationships, and help their children form good lifetime money habits. Talk Money Week will take place from 8-12 November 2021.
For more information on Talk Money Week visit www.maps.org.uk/talk-money-week/