Case Study:
Financial Wellbeing Support Officer based in University Hospitals Sussex NHS TrustSupporting Financial Wellbeing in the Workplace
Case Study: Financial Wellbeing Support Officer based in University Hospitals Sussex NHS Trust
In June 2023, Wave Community Bank started an innovative new project in partnership with University Hospitals Sussex (UHSx), introducing a role to the Trust of a Financial Wellbeing Support Officer.
When we started the project we had planned for the FWSO to work with the Trust’s staff on money management and budgeting but the support our fantastic FWSO Tracy Cox-Horton has given the staff has been much more far reaching than that.
Tracy’s work has gained a significant amount of support from the Senior Management of the Trust.
When we started the project we had planned for the FWSO to work with the Trust’s staff on money management and budgeting but the support our fantastic FWSO Tracy Cox-Horton has given the staff has been much more far reaching than that.
Tracy’s work has gained a significant amount of support from the Senior Management of the Trust.
George Findlay, Chief Executive of UHSx said
“Having a Financial Support Officer within the Trust has made a tangible difference to so many of our staff. In terms of cost of living difficulties, general financial worries and queries; our FWSO, Tracy has been able to provide support, compassion and valuable advice and guidance.
She has been a significant part of our Health & Wellbeing provision and has become a recognised face at inductions, team meetings and forums.”
One-to-one support for staff
Tracy has delivered over 450 one-to-one appointments with staff help them improve their financial position by looking at:
• Budgets
• Debt consolidation
• Loans
• Mortgages
• Life cover/income protection
• Pensions
• Investments/savings
• Inheritance tax planning
• Wills
• Divorce/separation
• Budgets
• Debt consolidation
• Loans
• Mortgages
• Life cover/income protection
• Pensions
• Investments/savings
• Inheritance tax planning
• Wills
• Divorce/separation
Tracy has also supported 120 people to apply for loans with Wave Community Bank to help them with their finances, particularly debt consolidation.
One staff member, Tracy helped said:
‘I was worried that there was no way back from my financial nightmare, and it was impacting on all aspects of my life, professionally, personally and mentally. Tracy has a kind, caring approach, whilst being supportive. It is amazing to know that I was not alone. Not only did she find the best options for my debit management, Tracy also empowered me to be self directed and open with my approach to my finances. I am now looking at other ways of being financially savvy and have the confidence to ask questions. So far, I have saved money (over £500 per month) not only on the interest that I was paying on my debt (replacing this with manageable payments), but also on my car insurance and mobile phone. This role is needed more than ever in the cost of living crisis, I now make sure that Tracy’s role is made known to all my new staff members. Many who are facing their own challenges financially. Just saying thank you to Tracy is not enough.”
– Senior Practice Development Sister
One staff member, Tracy helped said:
‘I was worried that there was no way back from my financial nightmare, and it was impacting on all aspects of my life, professionally, personally and mentally. Tracy has a kind, caring approach, whilst being supportive. It is amazing to know that I was not alone. Not only did she find the best options for my debit management, Tracy also empowered me to be self directed and open with my approach to my finances. I am now looking at other ways of being financially savvy and have the confidence to ask questions. So far, I have saved money (over £500 per month) not only on the interest that I was paying on my debt (replacing this with manageable payments), but also on my car insurance and mobile phone. This role is needed more than ever in the cost of living crisis, I now make sure that Tracy’s role is made known to all my new staff members. Many who are facing their own challenges financially. Just saying thank you to Tracy is not enough.”
– Senior Practice Development Sister
Additional support for staff
As the teams became aware of Tracy’s presence and skills, she was increasingly asked to help with money matters of all kinds and her work has included:
• Running sessions for the new migrant nursing staff to educate them on how money works in the UK, looking at how their payslip works, budgeting, what Income Tax and National Insurance are and much more.
• Become an expert on the NHS pension scheme to help staff with questions and queries
• Presenting at ‘away days’ on surviving the cost of living crisis and general financial education
• Regularly visiting the Facilities and Estates teams supporting them with pension queries and the financial help available to lower paid workers.
• Attending Induction Days, team meetings and huddles to talk to staff about how she can help with individual sessions and the services WCB offer.
Tracy’s support has made tangible differences to the lives of the individuals she has helped as well as helping with staff retention and preparation for work in the UK.
• Running sessions for the new migrant nursing staff to educate them on how money works in the UK, looking at how their payslip works, budgeting, what Income Tax and National Insurance are and much more.
• Become an expert on the NHS pension scheme to help staff with questions and queries
• Presenting at ‘away days’ on surviving the cost of living crisis and general financial education
• Regularly visiting the Facilities and Estates teams supporting them with pension queries and the financial help available to lower paid workers.
• Attending Induction Days, team meetings and huddles to talk to staff about how she can help with individual sessions and the services WCB offer.
Tracy’s support has made tangible differences to the lives of the individuals she has helped as well as helping with staff retention and preparation for work in the UK.
Managing debt and starting to save
A member of staff approached me at a staff induction marketplace asking if I was able to help people that were in debt even though they were new to the trust. I told them yes, and if I could not help, I could signpost to the relevant people. We met and went through the debts that were outstanding including a Debt Relief Order that was in place. They were very worried that starting work would affect this and they would end up owing and paying a lot more money. They have already been ill and delayed starting work due to the stress of this.
We worked together, communicated with the creditors, putting together a budget and payment plan that was affordable. The staff member followed my guidance and within 2 months got themselves back on track enough to be able to open a savings account with WCB through payroll. They have since cleared all debts and are saving a regular amount to avoid any further issues in the future.
Managing debt and retaining staff member
I have a staff manager that concerned about their amount of debt. They were considering leaving the trust to find work privately to earn enough money to be able to afford to clear debts, or they considered going bankrupt. We created a “to do” list of things to help reduce the debts and cope financially. We agreed to meet weekly and then fortnightly, to work on the list as it was too much for them to focus on by themselves. They are now able to afford their monthly outgoings, reducing debt and not planning to leave the trust anytime soon.
Working with NHS Trusts
We aim to roll out this service in other NHS Trusts in East Sussex and Kent as we know a Financial Wellbeing Support Office is a hugely valuable resource that can really help staff wellbeing.
If you would like to talk to us about this service in your NHS Trust, please contact emma.norledge@wavecb.org.uk.
If you would like to talk to us about this service in your NHS Trust, please contact emma.norledge@wavecb.org.uk.
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