Money and Pensions Service: response to ‘Building the UK’s Financial Wellbeing in light of Covid-19’ report

“When, at the start of 2020, MaPS invited 145 industry leaders to join the independent Challenge Groups to work towards the National Goals of the UK Strategy for Financial Wellbeing, we could not have anticipated the impact of Covid-19 on individuals, communities and the regions and nations of the UK as a whole.

“As it became clear how Covid-19 was affecting UK financial wellbeing, the MaPS Board acted quickly to ask the Groups to pause their strategic work for MaPS and use their extensive experience and knowledge to make recommendations on how the sector as a whole could respond to the immediate crisis.

“This independent report, Building the UK’s financial wellbeing in the light of Covid-19, therefore represents an important contribution not just to the UK Strategy but wider UK financial wellbeing. MaPS will respond in due course to the challenging recommendations the Groups have made for us.

“The Challenge Groups will now return their focus to the delivery plans which will set out how we can collectively achieve the ambitious goals set out in the UK Strategy. I am grateful for their continued time, wisdom and ongoing commitment to improving the UK’s financial wellbeing, something which is more important than ever.”