Financial Resilience Needs Assessment
A financial resilience needs assessment (FRNA) in North East Lincolnshire Council (NEL) was undertaken by members of the Public Health Team and the Commissioning and Strategic Support Unit (CSSU). The aim of this study was to understand financial vulnerability in NEL in order to better target support at different groups experiencing different kinds of financial vulnerability. The objectives of the study were to understand:
- The extent to which NEL’s residents/households cope when faced with unexpected financial shocks or experience money problems
- The resources needed by North East Lincolnshire’s residents to withstand adversity
- Who in North East Lincolnshire is doing better and who is faring worse and why; and
- To enable North East Lincolnshire’s residents to better understand what they can do to improve their financial resilience.
Findings from the study show that there is a significant concern about the level of debt in NEL and that many people in the area lack the ability to manage their finances, plan ahead and therefore not prepared for financial shocks. The study also shows that some groups are more vulnerable than others. It highlighted the challenges faced by stakeholders whilst delivering their services and most importantly, the impact Universal Credit will have on stakeholders and claimants in NEL when rolled out in December 2017. The Financial Resilience Needs Assessment report can be read here on the Strategic Assessments page under the Public Heading.