Financial Resilience: A Growing Challenge for Our Community

With 1 in 4 UK adults considered to have low financial resilience, that’s a staggering 12.9 million people who are vulnerable. And the Jewish community is not immune. Financial instability is affecting households across the country.

Based on national statistics, with approximately 90,000 Jewish adults in the UK, it is stark that within the UK Jewish population that around 22,500 may be struggling.

Even before the current cost of living crisis, 45% of UK adults (24 million people) were already finding financial commitments a burden,, this suggests that around 40,500?Jewish adults?may be under financial pressure too. Furthermore, with half of these not having savings to cover just three months of expenses, around 20,250 Jewish adults?could be living with little to no financial safety net. This highlights a significant challenge within the community.

Paperweight sees firsthand this explosion of financial need. Right now, the charity is taking on 50 to 60 clients each week. Clients report their financial resilience has been severely affected by rising costs - housing and food expenses, soaring rents, higher mortgage interest rates, loan and debt repayments, or insufficient retirement funds to cover living expenses. Without proper support, these money worries can spiral, creating immense stress and anxiety that impact every aspect of life.

Rebecca’s story is one of many which are testament to how Paperweight transforms lives. After losing her professional job, Rebecca found herself in debt, struggling with credit card bills, utility arrears and daily living expenses. Anxiety and self-doubt overwhelmed her, but a Paperweight article in the press prompted her to reach out. With the support of their Money Advice Team, Rebecca worked closely with a caseworker to create a financial statement and plan a better budget. Negotiations with creditors brought relief and as her debt reduced, she regained confidence and hope. She now feels empowered to seek a new job and move forward with her life, grateful for the support that helped her reclaim her future.

So, there is hope. Paperweight exists to provide the guidance and advocacy needed to navigate such turbulent financial waters. Whether it’s helping with debt management, or accessing the benefits and support systems, Paperweight ensures no-one in our community faces these challenges alone.

Every day people who are lost in layers of stress call the Paperweight Helpline on 0330 174 4300. And every day our caseworkers solve each problem with empathy & expertise, making a tangible difference to the lives of those who rely on Paperweight’s guidance, advocacy and support.

For more information about Paperweight’s work or to support the charity visit www.paperweight.org.uk