FINANCIAL WELLBEING
“In an industry where we already see high rates of mental ill health, including worrying suicide statistics, the added financial pressure can be overwhelming.” and it’s easy to start living beyond your means without understanding long-term financial planning. If we integrate financial wellbeing into apprenticeship programmes – teaching them about budgeting, savings, and even pensions – it sets them up for a more secure future. “Poor financial management can be a huge distraction, and in construction, being distracted can be dangerous. Having those financial foundations in place can make a real difference,” Kirtley adds. Seeking support The Lighthouse Construction Industry Charity has seen a rise in people seeking help to cover essential bills such as rent, food, and utilities. In 2024, the charity provided more than 5,700 emergency food parcels to ensure workers had food on the table. “It’s shocking that so many in the industry can’t afford basic necessities,” Bolton says. “Homelessness is also on the rise, partly due to changes in tenancy laws like Section 21, but financial insecurity is a major factor.” Times are tough and people require support – whether they require it now or might need to seek support in the future. “The good news is that we offer support for every aspect of wellbeing – emotional, physical, and financial,” Bolton explains. “We always encourage people to reach out early. If we can intervene soon enough, we can often prevent homelessness and stop debts from spiraling out of control.
While we can’t control the economy, we can provide proactive and reactive support to those in need. “We also provide legal advice and training support. If someone needs a CSCS card to get back on site, we can help cover the cost. Even basic necessities like work boots can be provided if they’re needed to start a new job. Our goal is to help people get back on their feet and into a better financial position.” The first part of getting help is simply to speak about it – even if it’s just to a friend or family member. As Kirtley says: “A problem shared is a problem halved, and there’s no shame in seeking independent advice.”
household costs, like bills and food. This puts huge strain on people and can mean they have to go without essentials, like food or turning on the heating. “We also hear from people who are struggling to concentrate at work due to the stress of financial worries, or who tell us their relationships with family and friends have been impacted.” A lack of education Let’s be clear, no matter how fastidious a business owner may be, there are many factors that are beyond their control that could affect their financial wellbeing. However, there is an important issue that needs to be addressed: people are not being taught how to manage money. “The reality is that financial education isn’t widely taught,” Bolton explains. “Many people don’t understand good debt versus bad debt, APR (annual percentage rate), or how borrowing works. If someone takes out a high-interest loan to cover short- term expenses, they can quickly become trapped in a cycle of debt. If work dries up for just a couple of weeks, they’re suddenly in a deep financial hole. “Many workers don’t want to ask for help because they see it as accepting charity, but we want them to know that support is there without judgment. Seeking help early can prevent things from becoming unmanageable.” Just being aware of the fundamentals such as keeping money aside to pay your tax bills are often overlooked. Bolton says: “With tax deadlines approaching, we urge people not to ignore their tax obligations. Missed deadlines lead to fines, which only make financial stress worse. We have specialist tax advisors who can help navigate liabilities and resolve issues.” Kirtley agrees that financial literacy is essential. “It needs to start even earlier than at the apprenticeship level. In the UK, financial education hasn’t been a big focus. When I was in school, budgeting, interest rates and financial planning weren’t talked about. That needs to change. If young people learn about financial management early, they’ll be better prepared when they start earning. “For apprentices, it’s often their first experience of earning a steady income,
Help is available The next step is accessing the many resources and support services that are available.
Scan the QR code to find out more about Financial Wellbeing Month .
The Lighthouse Construction Industry Charity offers help with its: ● 24/7 helplines; 0345 605 1956, (UK) 1800 939 122 (ROI) ● Live chat at lighthouseclub.org ● Text HARDHAT to 85258 Learn more at www.lighthouseclub.org FinWELL provides comprehensive financial education and wellbeing training to employees and leaders in the workplace to reduce financial stress and improve overall mental health, performance and productivity. finwell.uk
StepChange offers free support for debt management. Visit stepchange.org
Business Debtline provides free, impartial debt advice over the phone and via webchat. Visit businessdebtline.org for more information. Its new Building up Business programme with Aviva offers virtual learning resource for small business owners. Visit moneyadvicetrust.org/ building-up-business
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Master Builder
www.fmb.org.uk
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