Navigating Financial Resilience: Insights from Paul Fox, Head of Government’s Money & Pensions Service 

March 27 2024

At Lendology, we’re dedicated to providing homeowners with the resources they need to achieve financial stability. We’re honoured to feature an article authored by Paul Fox, the Head of the Government’s Money & Pensions Service for SW England. With his extensive experience and expertise, Paul offers invaluable insights into financial resilience and savings, aligning perfectly with our mission at Lendology. 

The below information does not constitute financial advice and should not be considered as such. It is intended to support individuals by signposting them to relevant services that may be able to support them. 

Each year in the UK, millions of households experience an economic shock that can cause a sudden loss of income or increase in spending, yet many households lack the financial resilience to withstand these events and have little protection.  Although we cannot usually plan for larger economic shocks such as the pandemic or cost of living challenges, for most of us these shocks come at a smaller scale; the washing machine breaks down and is £400 to replace, or the kids going back to school in September, and you have to find the money for two new winter coats and shoes for example. 

The ability to build even a small buffer against these shocks is a vital contributor to your overall financial wellbeing. We are talking about savings. The most successful savers in this country save small amounts on a regular basis and it can, like a lot of our financial actions, become habitual.  The ability to put away £10, £20 or £30 a month can develop over a year into a decent economic buffer. 

How to Save 

We know it’s good to save, but what are you saving for and where should you save it? There are three main reasons why people try to save on a regular basis: 

  • For emergencies: like that washing machine 
  • For luxuries: a holiday or new phone. 
  • To live more comfortably in the future 

One thing about saving is that, sometimes, it can be difficult to know how much to save or how long it will take. MoneyHelper has put together a savings calculator to tackle both those problems for you, you can access it here www.moneyhelper.org.uk/en/savings/how-to-save/use-our-savings-calculator 

  • If you have any money left over at the end of the week or month that you don’t need for essentials, try to save it. 
  • If you can, think about saving when you’ve paid your main bills. 
  • If you find that you can do this, try to set aside some of your monthly income into a savings account. 

Credit Unions are a great place to start saving, they are owned by the people who use their services, and not by external shareholders or investors. Use this link to find a credit union that could support you www.findyourcreditunion.co.uk. You could also see if your employer offers any form of payroll savings scheme that you could join. 

The Government’s Money and Pensions Service via our customer facing service MoneyHelper, is a free, independent and impartial way to access high quality money and pensions guidance right throughout your life. Visit www.moneyhelper.org.uk or call us on 0800 138 7777 to speak in confidence to one of our money guidance professionals. 

At Lendology, we understand the importance of expert guidance when it comes to financial matters. We’re grateful to Paul Fox, the Head of the Government’s Money & Pensions Service for SW England, for sharing his insights on financial resilience and savings. By implementing the strategies outlined in Paul’s article, homeowners can take proactive steps towards securing their financial future. We remain committed to providing accessible loan solutions that can support eligible homeowners to achieve their financial goals. 

Subscribe to our newsletter

  • This field is for validation purposes and should be left unchanged.
  • B Corporation
  • Cyber Essentials Plus
  • Fair Tax Accredited
  • Action for Warm Homes
  • ccs supplier logo
  • FairLife Logo
  • Stop Loan Sharks
  • Community Headspace Mental Health
  • Foundations Logo
  • SME Committed 2025