Financial Wellbeing

Speaking with your line manager will help them understand challenges that you may face, and they may be able to arrange some support for you. This could include signposting you to some of the resources offered by the University or external organisations summarised on these web pages.

You can find information about the Notts and Lincs Credit Union here.  The University of Nottingham entered into an agreement with Notts & Lincs Credit Union (NLCU) so that staff can benefit from a range of straightforward saving products and fair, manageable loans, with the option to save or make repayments directly and easily by salary deduction through payroll.

The Government recently announced a package of measures to help low-income households tackle the dramatic cost of living increases. It is important that employees receive what they are entitled to. For more details of the scheme and how payments will be made, please click here.

The Money and Pensions Service is an organisation sponsored by the Department for Work and Pensions with a legal objective to develop and co-ordinate a national strategy to improve people’s financial capabilities. The service provides impartial, free, money and pensions guidance directly to consumers online and by telephone. In summary, their services include the following:

• Tools to help navigate benefits
• Assistance with money troubles. This includes managing money in uncertain times with free and confidential debt advice from informed people
• Breathing Space. This is a Government scheme which is designed to give time to receive debt advice and find a solution to sort out debt problems. There are two kinds of breathing space:

1. Standard Breathing Space, which individuals apply for through debt advice and which lasts for up to 60 days, with a review between days 25 and 35. During this time, creditors will have to stop collection and enforcement of your debts. Creditors will also have to freeze interest and charges on any eligible debts
2. Mental health crisis breathing space can provide extra protection for people who are receiving mental health crisis treatment and can only be applied for with an Approved Mental Health Practitioner (AMHP). It lasts for the duration of your treatment, plus 30 days thereafter

• Pension and retirement issues
• Savings
• Work
• Access to free debt and pension advice

These resources can be accessed here and using the drop-down menu entitled “Our Work” at the top of the page for details of the support available.

Many of us rely on our internet service to carry out our day-to-day activities. This can be costly and put additional pressure on household finances. However, there are low-cost packages available for low-income families.

The Money Saving Expert and uSwtich web sites have more information on this.

There are a number of University initiatives that can help with the cost of travelling to campus.

• The Liftshare scheme has been created to enable University of Nottingham employees find car share partners. The site is completely free to use and has been designed for both drivers and passengers.
• Employees are able to hire a bike on a long-term basis through the Cycle to Work scheme and access the free Dr Bike maintenance service on campus.
• The University has teamed up with local transport operators to offer employees the opportunity to purchase travel passes through salary deductions – many at discounted rates – by paying in monthly instalments.