12 sector leaders who will head up cross-industry groups set up to help transform financial wellbeing are being named today by the Money and Pensions Service (MaPS).
They will chair Challenge Groups which will recommend how the UK can achieve the five national goals set out in the government-backed UK Strategy for Financial Wellbeing, launched by MaPS in January 2020 to help everyone make the most of their money and pensions.
In addition to the chairs, groups will be made up of leaders and specialists from across the public, private and third sectors, all with an interest in moving the dials on financial wellbeing. MaPS will support the groups with research and insight, and policy content to help drive forward their recommendations.
The Challenge Groups will be tasked with creating bold and innovative proposals to address financial wellbeing issues across the four nations of the UK over the next decade. Starting points could include expanding existing financial education programmes, increasing the take up of payroll savings by employers, and tackling the availability of affordable credit products.
The action-focused recommendations will be reviewed by a board1 in the summer and specific delivery plans for England, Scotland, Wales and Northern Ireland will then be launched by MaPS in autumn 2020.
Caroline Siarkiewicz, Chief Executive of the Money and Pensions Service said: “Transforming financial wellbeing is too big a job for any one organisation or even one sector. Our UK Strategy lays down the gauntlet in terms of what the country needs to aim for and I’m delighted to see so many inspiring people ready to join us and take up the challenge.
“The Challenge Chairs are also leading by example and, on behalf of their organisations, setting the scene for many more across the UK to support the delivery plans to make a difference to financial wellbeing over the next decade.”
Sarah Porretta, Strategy and Insights Director at the Money and Pensions Service and co-chair of the Financial Services Financial Education Group said: “We are looking forward to working with the Challenge Groups to get to the bottom of what could really work to improve financial wellbeing, whether that’s proposing innovative new solutions or building on existing initiatives so more people can benefit from them.
“We are unashamedly ambitious and, by working together, we can give millions of people across the UK the confidence and empowerment to pay their bills today, deal with the unexpected, and get on track for a healthy financial future.”
What is financial wellbeing?
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. People should feel confident and empowered.
What is the UK Strategy for Financial Wellbeing?
The UK Strategy for Financial Wellbeing establishes five “agendas for change” and sets goals to be achieved by 2030. These are:
- Financial Foundations: 2 million more children and young people getting a meaningful financial education
- Nation of savers: 2 million more working age people who are struggling2 and squeezed3 saving regularly
- Credit counts: 2 million fewer people often using credit to pay for food or bills
- Better debt advice: 2 million more people getting the debt advice they need; currently only 32% of those who need debt advice access it
- Future focus: 5 million more people understanding enough to plan for their later lives, and during them
The strategy will also examine factors which can make people particularly susceptible to financial detriment, such as mental health conditions and gender.