As if we weren’t already aware of it, the last few weeks have underlined the fact that nothing on Earth is certain. The ripple effects of the Brexit vote continue to play out but we have already seen a fairly dramatic effect on currency exchange rates. Since 24 June, the value of Sterling has dropped against many currencies creating as much as a 15% reduction in the exchange value of donations from supporters for some Christian Workers based abroad. The suddenness of the fall has created a problem for some who are finding their incomes being cut while bills and general living costs in their country of residence remain the same.
Stewardship is aware that this can cause financial concerns and the possibility of hardship and we would encourage any Christian Workers affected to consider the following:
- Have the headlines hit home? Do your supporters know how much you are affected by the exchange rate fluctuations? In some cases, supporters may already have anticipated this problem and increased their giving to cover the deficit. Others may not be aware of the practical effects that the drop in the exchange rate is having, so inform them. Include some simple examples to help illustrate the point.
- Are they still in holiday or back-to-school mode? Bear in mind that this can be a busy season so many people may not have the change in the value of their donations on their radar. A timely reminder may be all they need.
- Why should they be interested? Remember, your supporters are partners in your ministry so this type of situation should concern them too. We’d encourage supporters to review their giving in line with inflation anyway so this sudden change forms part of the same type of review.
- Take a leaf out of Joseph’s book.[1] Do you have any ‘emergency’ savings put aside to cover any temporary deficit? If you’re like many households in the UK (around 35% according to The Money Charity), you won’t have any savings to call on. No help right now but worth considering for the future. Get in touch with us for a copy of our budgeting tool for Christian Workers.
- Finally, if you find yourself in a situation of temporary hardship please get in touch with us for a review of your account. You can send us an email ([email protected]) or call us on 020 8502 8560
[1] Genesis 41: 47-48
