Oliver Kent-Braham, co-founder and chief executive of Marshmallow, explores what is required to overcome the hidden financial challenges faced by the workforce that keeps our healthcare system running.
As this audience well knows, the UK’s healthcare system is under immense strain. Chronic staff shortages, rising patient demand and stretched budgets have created a situation where services are under constant pressure.
The health and social services sector is the single largest employer of foreign-born workers in the UK. One in three care workers, and more than a quarter of nurses in England, are born outside the UK. We all know that without them, our care infrastructure would simply not function.
However, many of these workers still face barriers to financial inclusion that limit both their personal and professional potential. This is more than a workforce issue, it’s an economic one.
A system under strain
The UK is already grappling with more than 100,000 vacancies across health and social care. As a result, there are more delayed treatments and a growing patient backlog. At the same time, our population is ageing rapidly, with demand for healthcare workers only set to increase in the coming decades.
Against this backdrop, migrants are playing a vital role, particularly in this sector. These workers underpin our frontline services. They make sure patients receive care, hospitals and GP surgeries can function, and care homes can continue to operate.
As newcomers to the UK, migrants make a huge contribution. But while we depend on them, the UK’s financial system largely ignores them, often leaving them unable to access essentials like fair insurance, loans, or credit. This blocks them from being able to set up their lives, whether it’s driving to work, buying a car, renting a house, applying for a mortgage, or getting a telephone.
And this isn’t because they are high-risk customers, but because financial providers in the UK do not take into account their credit or employment history from abroad.
Unlocking the workforce’s full potential
Supporting a modern-day workforce means creating fit-for-purpose solutions that reflect differing circumstances. For example, insurers and lenders could recognise overseas financial histories and employment records, allowing migrant staff to access fair car insurance, home insurance and credit. Healthcare employers could also provide guidance and support to navigate these systems, helping staff secure stability outside of work.
Getting this right benefits the UK’s healthcare system as a whole. A more financially secure workforce is less likely to leave, cutting recruitment pressures and keeping patients’ care consistent. In turn, this strengthens our care infrastructure while supporting the wider economy.
The barriers holding us back
The challenges in the path, however, are complex and deep-rooted. Outdated financial systems continue to lock people out. If you arrive from overseas, you may have a decades-long financial history, but in the UK, it can often be of little value. This creates a domino effect: without credit, it’s harder to rent or secure housing; without insurance, it’s harder to get a car; without a car, it’s harder to get to work.
Failing to address these barriers comes at a real economic and social cost. Staff shortages already run into billions annually, and as care needs grow, barriers faced by migrant workers to access fair financial services make it harder to fill the gap. Without technology and processes that recognise their histories and support their integration into life in the UK, workers struggle to settle, plan ahead and remain in their roles.
Building a stronger foundation
The opportunity lies in setting this workforce up for success. That means tackling the hidden barriers to financial inclusion and ensuring migrant healthcare workers are fully integrated into systems that enable stability and growth.
Technology can play a key role in making this possible. Digital tools and data-driven solutions can assess financial risk more fairly. Recognising overseas employment and credit histories can provide accessible products such as car and home insurance, loans and credit-building support. Online platforms can streamline applications and reduce bureaucracy. They can also offer guidance tailored to the unique challenges migrant workers face, making it easier for them to settle, plan ahead and remain in their roles long term.
Giving access to fair financial services strengthens the workforce and ensures patients receive consistent, high-quality care. Supporting those who support us isn’t just the right thing to do; it’s the foundation of a sustainable healthcare system and a resilient UK economy. If we want a care and health system fit for the future, we need to start by giving the people at its heart the support they need to build secure lives here in the UK.
