MaPS responds to the FCA’s research into understanding consumer financial wellbeing through banking data.
James Fearnley, Corporate Policy and Propositions Manager at the Money and Pensions Service said:
“We welcome the publication of this valuable report, which matches consumers’ perceptions of their own wellbeing with banks’ transactional data, such as overdraft use. It is important that the FCA recognises wellbeing as being closely linked to low financial resilience, which aligns with our experience of supporting people in financial difficulty.
“The research highlights how people who have fallen behind with repayments experience higher levels of anxiety with consumer credit commitments. Developing this line of enquiry will help the sector better understand how supporting consumers to manage their use of credit can improve the overall wellbeing of the UK population. We look forward to working with the FCA and others on further ways to help measure financial wellbeing and using these learnings to help potentially vulnerable consumers.”
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About the Money and Pensions Service
The Money and Pensions Service (MaPS) vision is: ‘everyone making the most of their money and pensions.’
MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime.
The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice.
MaPS brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person.
For further information visit the Money and Pensions Service website www.moneyandpensionsservice.org.uk