Cabinet approved the refreshed Financial Wellbeing Strategy 2026 to 2029, after hearing how it would continue to build on a wide range of projects, which had seen 135,000 residents supported already with the cost of living.

More than £18.5 million has been distributed directly to residents to date since the first strategy was introduced in 2022.

The current strategy has introduced a wide range of measures including community shops; community chefs; an overarching food strategy, Pocket to Plate; the Good Night Project; and City Homemakers, giving everyone the chance to make their houses a home no matter what their budgets.

The Good Night Project has provided more than 1800 beds to ensure people have a bed of their own since it was launched in 2023.

Cabinet heard in the last six months alone nearly 2000 residents had been helped with direct crisis payments to ensure they could afford to stay safe, well and warm.

More than 17,000 residents had used the community shops in the same period to shop with dignity and choice, as the council continued to provide access to good food at low costs.

The refreshed strategy was about investing in improving knowledge and skills, so Wolverhampton residents could be confident in managing their money and making better choices, councillors heard.

The council’s Boost initiative had helped more than 1000 residents to focus on their financial wellbeing, maximise their income and reduce debt to build financial resilience.

The refreshed and updated Financial Wellbeing Strategy 2026 to 2029 reflected the learning, feedback, and evidence gathered over the last 3 years.

It highlighted the strength of partnerships across the city, and recognised the value of partners, without whom, none of what had been achieved to date would have been possible, Cabinet was told.

Leader of the council, Councillor Stephen Simkins said:

‘This strategy is close to my heart, I’m proud of the work we’ve done in this city with our partners over the last few years to support our residents when they needed us most with the cost of living.

‘It’s about being here for our residents when they need us, and we’ve already accomplished a great deal since the strategy was first put in place.

‘But the financial challenges have not gone away, and global events have meant everyone is still feeling the effects of rising costs in one way or another.

‘This refreshed strategy places the voices and experiences of our residents at the heart of our priorities and ambitions.

‘Our city should be a place where everyone has the chance to live a safe, secure, and happy life – that’s why this strategy is not just for today, it’s for years ahead and generations to come.

‘We leave nobody behind in this city. Every resident, regardless of income, background or their circumstances should be able to access opportunities  and the support they need to strengthen their financial wellbeing.

‘They should be able to do this free from stigma, exclusion, or inequality.’

The full report to Cabinet can be read in the downloads section opposite.

Anyone struggling financially can see full support on offer by visiting our cost-of-living webpages.