The impact of Covid-19 on financial wellbeing
Published on:
27 May 2023
The Money and Pensions Service (MaPS) launched the UK Strategy for Financial Wellbeing in January 2020. The months following the launch brought the coronavirus pandemic, which continues to have a historic impact on the UK economy and people’s personal finances.
To help analyse the pandemic’s impact on UK financial wellbeing, MaPS reviewed existing evidence in five separate rapid evidence reviews. These five reports reflect research from 2020 and early 2021 to examine who has been affected and how this could impact the strategy’s five national goals:
- 2 million more children and young people getting a meaningful financial education
- 2 million more working-age ‘squeezed’ and ‘struggling’ people saving regularly
- 2 million fewer people often using credit for food and bills
- 2 million more people accessing debt advice
- 5 million more people understanding enough to plan for and in later life.
Each report takes a deep dive into a UK Strategy Agenda for Change (Financial Foundations, Nation of Savers, Credit Counts, Better Debt Advice and Future Focus), examining the impact of Covid-19, and considering what it means for our work in these areas over the next decade.
Download the related Covid-19 reports: