Paycare urges MP to help build financial resilience for local people

Paycare CEO Ant Burns has met Wolverhampton North East MP Sureena Brackenridge to discuss how Government can help mutual organisations do more to support the financial wellbeing and resilience of local communities.

The meeting followed the launch of a strategy from the Association of Financial Mutuals (AFM), of which Paycare is a member.  The strategy calls on Government to create the conditions for the mutual sector to grow and play a greater role in addressing gaps in financial protection, healthcare, and savings.

For Paycare, the issue has a strong local connection.  The Wolverhampton-based not-for-profit has supported the health and wellbeing of individuals, families and organisations for more than 150 years and sees first-hand the pressures that ill-health and financial uncertainty can place on people and businesses.

The AFM strategy identifies three key areas where support needs to be strengthened – income protection, healthcare, and savings.   Addressing these gaps is essential to improving financial resilience and helping people manage the challenges that can arise throughout their lives.

The strategy also responds to the Government’s manifesto commitment to double the size of the mutual and co-operative sector, arguing that a stronger mutual sector can contribute to a more diverse, resilient, and inclusive economy.

At the meeting, Ant shared Paycare’s local perspective and asked Sureena to support the AFM’s calls for action, including using appropriate parliamentary opportunities to raise the role of mutuals with Ministers and in Parliament.

Ant said: “Paycare has proudly called Wolverhampton home for more than 150 years, so we understand the importance of having organisations that are closely connected to the communities they serve.

“The gaps highlighted in the AFM strategy affect people’s lives every day.  When someone becomes ill, loses income, or has little financial resilience to fall back on, the impact can be felt by individuals, families, employers, and wider communities.

“Which is why the Government’s commitment to double the size of the mutual and co-operative sector is important.  We believe mutual organisations have an important role to play in helping people build greater financial and health resilience, and the right support from Government could enable the sector to do more.

“We know from our own experience that mutuals can play an important role in strengthening both financial and health resilience. Whether that’s helping people prepare for unexpected life events, supporting access to everyday healthcare, or investing back into communities, the sector has the potential to do even more. That is why it’s important that Government looks carefully at whether existing policy and regulatory frameworks are helping mutuals grow and maximise their impact.”

“Our meeting with Sureena was an opportunity to bring that local perspective to the national conversation and explain what the Government can do to help mutuals fulfil that role.

“We’re grateful to Sureena for taking the time to meet with us and hope this will be the start of an ongoing conversation about how mutuals can contribute to healthier, more financially resilient communities.”