Highlights from Our Financial Resilience Survey
In October 2021, we launched our annual Financial Resilience Survey to better understand the financial resilience of our members, the challenges they face, and how these struggles can affect their well-being. This year, 4,080 members from the various sectors we support shared their views with us.
Here are some key insights:
- 31% of respondents said they wouldn’t be able to cope financially if their circumstances changed. While this is a positive shift from previous years—62% in 2020 and 38% in 2021—it’s still a significant concern.
- Financial resilience varies across different employer groups. Those working in the Police and Military reported lower levels of resilience, with over half of respondents from the Prison Service stating they couldn’t manage a financial change.
- Money remains a significant stressor for many, with 40% of respondents saying it has the biggest impact on their stress levels.
We also asked members how financial worries have affected their lives. The responses were consistent overall, but there were some differences by sector. For instance, financial stress had a higher impact on productivity among members in the Military (12%), compared to 8% for those in the Police and Prison sectors, and 5% in the Health Service. Even more concerning, 35% of Prison staff and 29% of Police respondents said financial worries had a negative impact on their mental health.
These findings highlight just how important financial resilience is to the well-being of our members. By sharing this report, we hope to help our stakeholders better understand the challenges faced by the Serve and Protect family and work together to create solutions that make a real difference.
