Biggest money worries for automotive people
Ben reveals what money worries are affecting industry people and launches new tools to help them:
- 42% of people Ben supported last year experienced money problems
- Of these, the top concern for people was low income (52%)
- In response, Ben launches two NEW online tools to help people with their finances
Ben, the not-for-profit organisation that partners with the automotive industry to provide support for life to its people and their family dependents, reveals the main financial worries for people who work, or have previously worked, in the automotive industry. In 2017, 42% of people Ben supported had money problems, with ‘low income’ accounting for 52% of this. Other key financial concerns were around debt and money management.
Mental health issues were the second biggest concern for people last year, accounting for 31%. In addition, 17% of individuals who contacted Ben were worried about their physical health and 10% had social health concerns such as relationship breakdowns, isolation and loneliness.
NEW financial tools available now!
In response, Ben has launched two new online tools available on Ben’s website – to help people get their finances back on track:
- NEW The Turn2us Benefit calculator – see what benefits you may be entitled to: click here
- NEW The Turn2us Grant Search Tool – search for grants to access: click here
- Budgeting tool – to help you manage your money and make ends meet: click here
In the UK, it is estimated that working age families and pensioners are failing to claim over £10bn a year in benefits. Ben helped people claim nearly £1m of untapped benefits during April 2016 – March 2017. The benefits calculator available on Ben’s website is free so it’s well worth individuals checking to see if they are receiving funds they are entitled to. The grant search tool is also free and helps individuals look for funds, by way of grants and other types of financial support.
These new tools have been launched in line with Ben’s current financial health and wellbeing campaign as money problems are common for people at this time of year, after the excesses of the festive season.
Zara Ross, Chief Executive of Ben, said: “The automotive industry is going through a challenging time at the moment and this undoubtedly has an impact on its people. Low income and debt are currently the biggest concerns for those we support. At Ben, we are well placed to advise automotive employers of the potential issues currently facing their employees so they can offer relevant support.
“The fact that financial health is consistently the biggest concern for the people who contact us means that the industry needs to understand this is a key issue. Individuals who are struggling with money problems are likely to be stressed and, therefore, it is likely to impact on their overall wellbeing. According to the CIPD, 1 in 10 staff say they have found it hard to concentrate or make decisions at work because of money worries. Therefore, it’s in the best interests of employers to be aware of these issues and support their employees as much as possible.”
We will be providing more information, tools and advice on financial health and wellbeing to the automotive community over the coming weeks to help people tackle the challenges they face.
Financial health resources
For more tips and advice, visit our financial health page: click here
Saving money: click here
Dealing with debt: click here
Retirement advice: click here
Budgeting advice: click here
Advice for employers: click here
Katie’s story about arrears: click here
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Note to editors:
For further information, please contact:
Communications & Campaigns Manager, Ben
Direct dial: 01344 298 126