Care England, in collaboration with WageStream, produced a new report exploring the experiences of work and pay, financial resilience and financial inclusion across social care.
Their findings draw on a survey of over 1,700 social care employees, exploring how experiences vary based on gender, ethnicity and age. Key findings include:
Work Hour Volatility:
- Creates unstable financial foundations
- Ethnic minorities more likely to experience volatile hours.
Bill Payment Struggles:
- Ethnic minority women more likely to struggle with household bills.
State Support Disparities:
- One-third of ethnic minorities are likely to receive state support compared to white peers with similar income.
Savings Inadequacy:
- Women-led and ethnic minority households are more likely to lack adequate savings
- These groups deplete savings to cope with income volatility.
Financial Product Usage:
- Ethnic minorities are more likely to use subprime and non-traditional credit products
- There is a higher likelihood of financial exclusion among ethnic minorities.
Findings show there are diffefrent ways for employers to take action and avoid financial exclusion. But this responsibility also falls on commissioners, local and central government. The report makes four recommendations:
- Aim for Living Wage Foundation's living hours standard
- Support workforce in discovering and applying for entitled state assistance
- Implement payroll savings programme, preferably on an opt-out basis
- Review workplace policies and benefits through DE&I lens, prioritising financial security benefits accessible to all.
Our Chief Eexcutive, Dr Jane Townson OBE attended the launch of the report. Find her comments here.
