23Apr

The Money and Pensions Service (MAPS) asks interested parties to reply by the end of April 2020 with any ideas that could be implemented in its 2030 Financial Wellbeing Challenge. The Challenge is an ambitious programme that aims to improve the financial lives of millions of people across the UK over the next decade.

The five key aims of the Challenge are:

  • Financial Foundations – two million more children and young people will receive a meaningful financial education
  • Nation of Savers – two million more working-age people who are ‘struggling’ and ‘squeezed’ will be saving regularly
  • Better Debt Advice – two million more people will be accessing debt advice
  • Credit Counts: Use of Credit / Affordable Credit: – two million fewer people will be reliant on credit for food and bills
  • Future Focus: Long-Term Savings / Decumulation and Later Life: five million more people will understand enough to plan for the later stages of their life

There are also three more generic aims, which are:

  • Gender and Financial Wellbeing – Addressing the differences in financial wellbeing outcomes across genders
  • Mental Health and Financial Wellbeing – Focusing on those experiencing mental ill health, who research shows fare much worse with debt and credit
  • Workplace and Financial Wellbeing – Encouraging both employers and employees to address financial wellbeing in the workplace

A Challenge Pack for each of these themes is available on the MAPS site to provide additional guidance for anyone considering submitting their ideas.

A Challenge Group of industry representatives and other stakeholders has been formed for each of the goals of the Challenge. These include:

  • In the Financial Foundations: Financial Services Financial Education group, two MAPS co-chairs are joined by six representatives of large banks and building societies
  • The Nation of Savers group includes representatives of banks, building societies, credit unions and investment firms
  • The Better Debt Advice group is headed by MAPS chair Sir Hector Sants, alongside representatives of banks, the Treasury, Citizens Advice, the FCA and StepChange
  • The Future Focus: Decumulation and Later Life group includes representatives of pension providers, Age UK, HMRC and two Older People’s Commissioners
  • The Mental Health and Financial Wellbeing Group is chaired by a representative of a mental health charity. Other charities are represented in the group, alongside Lloyds, Barclaycard and the Royal College of Psychiatrists

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