March 2022 | Fair Point | abrdn Financial Fairness Trust Newsletter

17 March 2022

Stormy weather

Few would argue that ‘turbulent’ would be an accurate description of the past month with destructive storms and the invasion of Ukraine, against a backdrop of already rising energy costs and household bills. It also marks nearly two years since the start of the first lockdown and, with announcements by UK Governments that legal restrictions are coming to an end, it’s a time of reflection of its lasting effects.

The opening episode of our newly launched Financial Fairness Podcast saw our Chair, and former Chancellor, Alistair Darling delve into the financial impact of the pandemic. Listen any time here. The next episode, on social security, with Child Poverty Action Group’s Alison Garnham, will be out next week.

In a blog for the Money Advice Trust, our CEO Mubin Haq sets out the findings of our latest coronavirus financial impact tracker. Decisive action is needed now to support those most affected.

Project in focus – pension contributions

Employees often contribute the minimum amount to their pension pots, unaware that this will likely lead to insufficient income in retirement. Nest Insight are conducting research into the role enhanced employer contributions and other workplace financial benefits could play in driving retirement income adequacy and financial wellbeing. Their latest blog explains this further.

Campaign of the month

Together with over 50 organisations, we have sent a statement to MPs calling for benefits to be increased by at least 7% in April to match inflation. The statement was coordinated by Child Poverty Action Group,  and you can read the full statement on their website. 

What we like this month

The Welsh Government is set to test a radical model, offering £1,600 a month to care leavers. Whilst not a Universal Basic Income, it’s a targeted approach for a group with significant needs. In addition, IPPR Scotland have produced a report on Universal Basic Services in Scotland.

How do we improve living standards for low-to-middle income families with young adults living at home? The team at Loughborough University’s Social Policy Research Unit has produced a briefing for policy makers [link].

New vacancies

Are you passionate about improving living standards and tackling financial problems?  We’re looking for new Trustees to join our Board, find out more here.

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