On 21 February 2025 I had the privilege of attending a Community Forum hosted by Bolster Community in Newry, where I heard about what organisations think about economic issues like pay (for their staff) and housing.
A key message that came out of the meeting was that the charity sector is facing overwhelming demand, which has been increasing since the pandemic. Secondly, many organisations are finding that they are supporting more individuals with morecomplex needs, when they aren’t always equipped to do so.. While organisations are supportive of the uplift to National Minimum Wage and National Insurance contributions, many are having to make tough decisions on how to finance this as budgets are already squeezed. Participants shared that they know of organisations that are at the threat of closing down due to financial pressures.
I was struck by the issues that charity representatives shared, both for their organisations and their service users. All charities, for example, cited mental health as a big issue for their service users which was primarily driven by financial pressures on their households. Rising debt is another issue faced by the people they support. I was also told that some parents had to stop work because of family health, putting further strain on finances. It was also stated that housing costs (rents, mortgages, utility bills, etc) have increased dramatically which explained why, despite wage increases, many people were still feeling the financial pinch.
I would like to put on record my thanks to all the organisations that engaged with me in Newry. The feedback will help the Bank to better understand the issues that are being regularly face in overcoming financial challenges.