Financial wellbeing brought into sharp focus as Covid leads to spike in money anxiety

University and top UK law firm lead the charge with sessions delivered to staff

FINANCIAL wellbeing was at the top of the agenda when university staff and team members from a top legal UK firm took part in a series of online workshops.

The free sessions - which aimed to help participants get to grips with their monetary affairs - were hosted by the team from Carlisle-based Rachael Bell Wealth Management.

Budgeting, pensions, cash reserves, life stages and planning for the future were among the issues discussed during the virtual sessions, which were separately held for staff at the University of Cumbria and Cartmell Shepherd.

Now, as figures suggest nearly half of UK adults have suffered money-related anxiety during the Covid-19 pandemic,¹ the team is preparing to extend its work into schools and additional businesses, as it bids to make advice more accessible and less daunting.

Rachael Bell, principal of Rachael Bell Wealth Management, said: “Financial wellbeing is so important. A majority of people will at some point in their life have concerns or worries about money.

“That can have an impact on their mental and physical health. But there are measures and good practices which can be put in place and used day-to-day to mitigate some of that worry.

“Having a positive relationship with our finances and actively managing how we budget, spend, save and plan for the future is so important - and that’s why we are offering these free online wellbeing workshops.”

Legal firm Cartmell Shepherd signed up to the wellbeing workshops because they wanted the 100-plus members of their team to have access to advice on the fundamentals of good financial health.

And at the University Of Cumbria leaders have received strong feedback following two sessions with staff.

Hannah Buckle, an Organisational Development Advisor at the university, said: “I found the session a really good insight into how my pension scheme works and how to better look after my finances. It was detailed but also easy to process the information.”

Kelly Pattinson, a member of the university’s marketing and recruitment team, added: “I’m pleased that the university has invested in the wellbeing of staff in this way. 

“The virtual session delivered by Rachael and Abigail was very informative and interesting. Many people are re-evaluating what is important to them as the pandemic continues. 

“For me, this includes reviewing the family finances and, where appropriate and with support, making relevant changes so we can be confident in achieving the plans we have for the future.”

The workshops look at financial wellness and four stages of life, from an individual starting their working life through to retirement.

The various factors affecting life are explored along with positive actions individuals can take to influence them.

“These sessions are not lectures. They are not designed to chastise or point the finger,” said Rachael.

“They are informal, thought-provoking conversations which, based on feedback, we feel confident are useful to those who attend and we look forward to helping many more companies over the coming months.”

Rachael Bell Wealth Management is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products.