CILEx Benevolent Fund urges members to plan for the most secure financial future possible

23 May 2018

CILEx Benevolent Fund is urging members to take immediate action to control their finances after a new study revealed that 70 per cent of the UK’s working population are ‘chronically broke’.

Research undertaken by think tank the Royal Society for the encouragement of Arts, Manufactures and Commerce (RSA) also found that ‘economic insecurity’ has now become ‘the new normal’ for the majority. The RSA surveyed more than 2,000 workers and discovered that while about 30% were living comfortably, 40% said that their finances were permanently precarious, with the remaining 30% reporting that they were not coping financially.

Paul Clark, vice-chair of CILEx Benevolent Fund, maintains that the report’s findings are worrying, but not altogether surprising. He explained: ‘The RSA’s research reveals that economic insecurity now stretches right through the labour market, including within jobs which appear safe on the surface. 

‘I believe that these findings are clearly evidenced in the legal sector, which has been evolving at an unprecedented rate since the collapse of the global economy a decade ago. 

‘At CILEx Benevolent Fund, we are aware that some of our members are encountering financial hardship as a direct result the difficult economic trading conditions faced in some areas of the legal profession. 

‘We are here to ensure that members of CILEx can face current realities, while also planning for a more secure financial future. Like many people who own their own homes, they might be asset rich but cash flow poor.’

CILEx Benevolent Fund was established to provide CILEx members with access to tailored money-management advice and guidance in their times of need. The fund also provides grants to those experiencing one-off instances of extreme financial hardship, which are assessed on a case-by-case basis.

Paul Clark added: ‘The first step any CILEx member encountering financial difficulties should take is to get in touch with us at the earliest opportunity.

‘Trained advisers are available to discuss effective budgeting and other ways to manage debt.

‘They look at each individual’s personal circumstances holistically to determine the most appropriate course of action.

‘But it is important that members encountering unavoidable financial hardship get in touch with us at the earliest opportunity to discuss the best way forward.’

• For more information about the ways CILEx Benevolent Fund could assist you, visit: www.cilex.org.uk/membership/benevolent_fund
• Brhmie Balaram and Fabian Wallace-Stephens, Thriving, striving, or just about surviving? Seven portraits of economic security and modern work in the UK, RSA, January 2018, available at: www.thersa.org. The RSA’s remit is to create the right conditions for the ‘enlightened thinking and collaborative action needed to address today’s most pressing social challenges’. It serves this mission by acting as a ‘global hub’ that nurtures networks of innovators and through researching and subsequently testing practical interventions.