Earlier this year, the Bank of England’s chief economist, Huw Pill, made headlines when he said people in Britain “need to accept” that they are poorer.
Whether Britons accept it or not, the truth of the matter is most families are worse-off as a result of rising living costs, higher interest rates and increased taxation.
But what impact is being poorer in the short-term having on households’ long-term wealth and prosperity? And what do falling living standards mean for Britons’ financial aspirations and for financial inclusion in the UK?
These were some of the fundamental questions that arose from the findings of the recent Summer edition of the MRM Money Matters Index.
To help answer those questions, we invited a panel of financial, research and engagement experts to participate in a roundtable hosted in partnership with Mouthy Money, including:
- Edmund Greaves, editor, Mouthy Money
- Gillian Hepburn, UK head of intermediary solutions, Schroders
- Helena Wardle, founder, Money Means
- Jansev Jemal, director of research and policy, Pro Bono Economics
- Myron Jobson, senior personal finance analyst, interactive investor
- Paul Chedzey, financial wellbeing consultant
- Sarah Marks, CEO, RedSTART
The discussion explored the ways in which people think, act and feel about money is changing, and considered what kind of support is needed to ensure people in Briton are more resilient to future financial shocks.
Clearly, everyone has the right to a brighter financial future and the panel agreed that is the role of the financial services sector, schools, employers, not-for-profits, government and regulator, to help people achieve this.
You can read the report here.