A financial inclusion action plan for social care employers

This exclusive report from Wagestream and Care England reveals the financial inclusion challenges faced by social care workers, and how you as an employer can step in and help. 

Read the report today and discover how...

• How financial exclusion affects social care workers
• Which groups of colleagues are most affected - and why
• The simple interventions you can take to close the inclusion gap

Report summary

A joint effort by Care England and Wagestream, this report delves into financial inclusion in the UK’s social care sector, a vital industry, which is predominantly staffed by women and ethnic minorities. Through a survey of over 1,700 employees, the study highlights the financial challenges faced by these workers and offers actionable solutions for employers.

Key Findings

1. Volatile Work Hours: Over 30% of respondents face fluctuating hours, with ethnic minorities experiencing this instability more frequently. This unpredictability exacerbates financial insecurity.
2. Struggling to Pay Bills: Workers from ethnic minority backgrounds are significantly more likely to struggle with basic expenses.
3. Limited Access to State Support: Ethnic minority workers are up to three times less likely to access state benefits compared to their white peers.
4. Savings Depletion: Women-led and minority households often lack sufficient savings, and frequently deplete what little they have to cover living costs.
5. Dependence on High-Cost Credit: Minority workers are more likely to use expensive subprime credit products, further deepening financial exclusion.

Employer Recommendations

• Provide Living Wage: Adopting the standards set by the Living Wage Foundation ensures fair compensation.
• Raise Awareness on State Support: Help employees access state benefits they’re entitled to, but may not be aware of.
• Introduce Payroll Savings: Offer programs that enable automatic savings to build financial resilience.
• Embed Inclusivity in Policies: Review workplace benefits to ensure they promote financial security for all, considering diversity and inclusion.

Innovative Approaches
The report showcases success stories like Barchester Healthcare and Home Instead, which implement flexible working, financial wellbeing platforms, and inclusive policies to support their diverse teams.

Why This Matters
By addressing financial exclusion, social care employers can foster a more resilient workforce, enhance job satisfaction, and attract talent to a sector facing significant labor shortages.

Conclusion
This action plan is a call to arms for social care employers to lead with inclusivity and financial equity, creating sustainable solutions for both their employees and the sector’s future.