With the latest inflation figures and interest rates announced this week, the council has revealed how it will build on the work done so far to help families cope with the cost of food, energy, housing and household essentials.
Finding ways to help people improve their financial resilience now and for the future will be the focus with the aim to ensure people are more financially independent and able to cope no matter what life throws at them.
The £5.2 million is the final scheduled round of funding from the Household Support Fund, which central government has allocated to local authorities to help with the cost of living crisis over the coming year until March 2024.
The council has allocated more than £1 million on top to help its citizens through these challenging times and will work with partners in the voluntary sector to ensure the needs of all communities are considered and everyone has a voice.
Measures over the next financial year will involve a wide variety of projects and support addressing food, energy, housing and wider day to day household essentials.
On the food front, support will include all kinds of creative initiatives including further help for the network of community shops in the city, offering healthy food at great prices; the community chefs programme helping share skills with families to prepare and cook meals in bulk; and continuing access to food for children during school holidays at Yo! Wolves activities.
They’ll also be a strong focus on how people can take control of their own financial futures by helping them develop the skills to do so. For example, assisting residents to improve their homes so they’re more energy efficient, enabling them to live healthier, happier lives.
When people are confronted with unforeseeable life events like illness or bereavement, it can have a huge impact on financial wellbeing from which families never recover. The council is working with GPs, Macmillan and Compton Care and the Royal Wolverhampton Hospital Trust to help during times of crisis, so it doesn’t affect financial futures forever.
Leader of the council, Councillor Ian Brookfield said: “Helping all of our citizens through this cost of living crisis is our priority as a council. We have already invested more than million pounds as a council ensuring those who need help to pay for food, energy and everyday essentials receive it.
“People shouldn’t be in a position where they struggle to afford everyday household essentials and where money worries take over their lives, but the cost of living crisis has made this a reality for many.
“We want our residents to thrive, not just survive. We’re building on the many types of support we have already given over the last year, but we’re also determined to help people access the tools they need to build financial resilience for years to come to give security and peace of mind.
“Building stronger individuals, families and a stronger city, which can develop and grow is the aim. Let’s work together to ensure everyone can reach their full potential and fulfil their ambitions.”
Find out more about all of the support available for the cost of living crisis on our dedicated web pages Cost of Living Support.
