Earlier this month, I was honoured to have been asked to chair the Bank of England Central Southern Citizens’ Panel at the Lighthouse in Brighton. The citizens’ panels were set up in 2018 to help the Bank of England improve engagement with members of the public and to understand more about people’s individual economic experiences.

The event brought together 45 members of the public to discuss two key issues: the impact of the Cost of Living and the future of money. As expected from a Brighton event, it was a lively, well informed and challenging discussion.

The rising cost of essentials such as food, transport, and housing, was a dominant concern. While inflation rates have stabilised, many said that their daily expenses remain high. Food prices, in particular, were mentioned as having the most significant impact. Despite improvements in economic indicators, many attendees felt their household budgets were still under pressure, leading to a decline in living standards.

Housing was another critical issue, with both rent and mortgage payments becoming unaffordable for many. It was particularly striking to hear that on every table there were concerns about how young adults are coping with these high housing costs, finding it increasingly difficult to move out or save for a home. There was a noticeable lack of confidence in career prospects from the younger generation too, with many struggling to see a path to financial security.

The second part of the discussion focused on the future of money. Attendees agreed that while digital payments are on the rise, cash remains essential for certain groups. Concerns were raised about the impact of a cashless society on the digitally excluded and those vulnerable to fraud. Participants also highlighted the need for better financial education, especially as the world becomes more reliant on digital transactions.

I was impressed with the way Bank of England staff really listened to what people were saying and actively engaged with the discussion. If you’re interested in joining the citizens’ panel, you can find out more here.

At the Foundation, we’re here to ensure local people get the support they need with challenges such as those discussed at the panel. Through funding the hundreds of charities and community groups across our county, we’re working to make Sussex a fairer, more equal place. You can find out more about some of the groups we’ve supported here.