We’re thrilled to have been chosen as one of ten changemakers in the UK and Ireland, to collaborate on a Changemakers programme, with a committed £1.5 million over three years to support social enterprises that have created bold and innovative ideas to improve resilience and protect against financial life shocks, such as illness, divorce or change in income.
Through Royal London’s research, statistics show that 15.9m UK Adults are more financially vulnerable as a result of the Covid-19 pandemic. One-third of those attributed the increase in financial vulnerability to a reduced income and one in five (19%) had a lack of savings to fall back on in the pandemic.
To help improve financial resilience in the UK, Royal London has launched its Changemakers programme, with selected organisations, including us here at The Growing Club CIC. 73% of social enterprises work directly with individuals facing disadvantages, putting them in a strong position to drive meaningful change and use business as a force for good.
Royal London has worked with the School for Social Entrepreneurs (SSE) to identify ten Changemakers: social enterprises creating unique solutions to build people’s financial resilience. From providing sustainable employment to refugees on bread stalls across London, these Changemakers are already making a difference.
Our work in the changemaker programme will focus on Money Matters to Women, with Sarah Ludford, Cleona Lira, Tarnia Elsworth and Jane Binnion to facilitate a residential weekend in January, to explore the topic of money. We also plan to create an e-course with the content we develop so that we are able to support women to do money better and create sustainable futures for themselves and their loved ones.
In the North West, 27% of adults feel more financially vulnerable than they did in March 2020. Of those, 36% attributed this to a reduced income, 30% had a lack of savings to fall back on in the pandemic, 23% had to use government pandemic support (e.g. furlough, business loans), and 17% said their employment was irregular
When thinking of the future and being able to respond financially to a change in life circumstances, just 14% say they feel very financially resilient. 11% say they know they’ll need financial support in place but don’t know where to start.
Jane Binnion, the founding director of The Growing Club, said:
“I am absolutely gobsmacked and so excited, that our tiny, but mighty, social enterprise has been chosen as one of just 10 changemaker organisations in the UK to get this brilliant support for work around life shocks.
“We have been reporting since May 2020 the impact of the pandemic on women both economically and emotionally, but of course for years we have been witnessing the devastating impact of significant life events, be that divorce, ill health, redundancy, or becoming a carer.
“The grant that comes with this support means that we can now design and deliver a much-needed Money Matters to Women programme.”
You can help to shape the upcoming retreat with the money issues that matter to you – fill in our survey here and complete your name and email at the bottom of the survey if you’d like to register for the retreat.
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