The Money and Pensions Service (MAPS) has launched a comprehensive ten-year wellbeing strategy, known as ‘The UK Strategy for Financial Wellbeing’, with the ambitious objectives of “transforming the lives of many individuals” and “benefitting communities, businesses, the economy and wider society.”

The definition being used by MAPS is:

“Financial wellbeing is about feeling secure and in control. It is knowing that you can pay the bills today, can deal with the unexpected tomorrow and are on track for a healthy financial future.”

The five central aims of the strategy are:

  • Financial Foundations –to increase the number of children and young people getting a meaningful financial education from the current figure of 4.8 million to 6.8 million
  • Nation of Savers – to increase the number of working age people in financial difficulty who are saving regularly. Again, the goal is to deliver an increase of 2 million people
  • Credit Counts – to reduce by 2 million the number of people who regularly use credit to pay for food or essential bills
  • Better Debt Advice: – to deliver an increase of 2 million in the numbers of people receiving debt advice. MAPS claims that only 32% of those who need debt advice are currently accessing it
  • Future Focus – the number of people who have a sufficient understanding to plan effectively for their later lives will increase by 5 million to 28.6 million

Caroline Siarkiewicz, CEO of MAPS, said:

“Financial wellbeing underpins personal health and happiness, but it doesn’t happen by chance. We’re launching a strategy for entire lifetimes, aiming to expand financial education for children while ensuring everyone is equipped to plan for and enjoy their retirement. Key initiatives include increasing the availability of affordable credit, more payroll savings products and an expansion of free debt advice for when people are in crisis.

“The Money and Pensions Service will be the catalyst for a financial wellbeing movement, transforming how people engage with their money and pensions. We have a decade to make a difference and we cannot achieve change alone, so we will be connecting companies, charities and other organisations which share our vision, to make this happen.”

Other news from MAPS in recent weeks includes:

  • The Service is exploring ways in which debt advice could be delivered through remote channels and examining upcoming trends and developments and how these might present opportunities or threats for remote debt advice
  • It is to trial a scheme where housing, mental health and ex-offender support workers would be trained as ‘money supporters’. MAPS cites previous research showing that the majority of UK adults experiencing life events such as relationship breakdowns, job loss or mental health issues do not proactively seek assistance with financial issues
  • Caroline Siarkiewicz, who has been MAPS’ acting CEO since June 2019, has now been appointed to the role on a full-time basis

 

The information shown in this article was correct at the time of publication. Articles are not routinely reviewed and as such are not updated. Please be aware the facts, circumstances or legal position may change after publication of the article