This financial year MaPS will:
Create a movement of many different organisations working together towards the same ambitious goals, building on the extensive collaboration already contributing to the UK Strategy for Financial Wellbeing.
- Deliver for customers, by leading sector-wide initiatives to enhance the quality and capacity of guidance services, building on the foundations of MaPS’ legacy organisations (the Money Advice Service, The Pensions Advisory Service and Pension Wise), and by developing and implementing pensions dashboards.
- Build strong foundations to create a great organisation for the future driven by values of caring, connecting and transforming.
Further MaPS activity already under way in response to the impact of Covid-19 on financial wellbeing includes:
- Overseeing the delivery of additional debt advice and enhanced money guidance capacity across the sector, with £38m of additional funding announced by HM TreasuryOpens in a new window last week.
- Adapting the guidance and support available to help consumers understand and work through the impacts of Covid-19 on their money and pensions.
- Convening partners and stakeholders to create a coordinated response to support people impacted by Covid-19, both immediately and in the longer term.
Caroline Siarkiewicz, Chief Executive at the Money and Pensions Service, said:
“The importance of transforming financial wellbeing across the UK has been forcefully brought home by events of the past few months. Covid-19 is a health emergency which will have a long-lasting impact on the finances of many, and it will impact some even more harshly than others. We already know women, ethnic minorities, young people and low-income workers are at particular risk.
“Our vision of everyone making the most of their money and pensions doesn’t just apply in the better times but is also about increasing resilience for when the bad times hit. To realise our vision, and make a real difference, we need to reach more people throughout their whole lives, an ambition which can only be achieved by working closely with our many, committed stakeholders and partners.”
Sir Hector Sants, Chair of the Money and Pensions Service, said:
“Financial wellbeing is fundamental to personal wellbeing, from our physical and mental health to our relationships and ability to plan for the future. In these uncertain times, the Money and Pensions Service has a critical role to play in the UK response to Covid-19 and enabling everyone to make the most of their money and pensions. We welcome the additional funding provided by Government which will allow us to fund a significant increase in debt advice capacity – an important element of our response to the economic uncertainty arising from the outbreak.
“We are at a pivotal moment in our journey. We have a long-term vision, and a ten-year strategy to transform financial wellbeing across the UK which sets deliberately ambitious goals. In this plan for 2020/21 we set out not only how we will maintain progress towards these goals but also how we will respond to the current crisis, including boosting the provision of debt advice and mobilising dozens of partners as we prepare to take on the future challenges caused by the pandemic. Now we need to deliver so that we make a real difference to the lives of people across the UK.”