Caroline Siarkiewicz, Acting Chief Executive of the Money and Pensions Service said:
“Financial wellbeing underpins personal health and happiness but it doesn’t happen by chance. We’re launching a strategy for entire lifetimes, aiming to expand financial education for children while ensuring everyone is equipped to plan for and enjoy their retirement. Key initiatives include increasing the availability of affordable credit, more payroll savings products and an expansion of free debt advice for when people are in crisis.
“The Money and Pensions Service will be the catalyst for a financial wellbeing movement, transforming how people engage with their money and pensions. We have a decade to make a difference and we cannot achieve change alone, so we will be connecting companies, charities and other organisations which share our vision, to make this happen.”
Sir Hector Sants, Chair of the Money and Pensions Service said:
“The UK Strategy sets out our ambition to transform financial wellbeing over the next decade.
“The importance of financial wellbeing is under-appreciated. It is not only about financial capability but also feeling secure, in control, confident and empowered in relation to money. It is central to personal wellbeing and thus to living a contented life.
“The UK Strategy for Financial Wellbeing will only be successful for individuals if it is supported by the right products, regulation, services and corporate culture. Achieving the strategy will thus require the support and, in many cases, action by both the private and the public sector.”
Guy Opperman, Minister for Pensions and Financial Inclusion, said:
“The Government wants to make it easy for those who need it most to get help to make confident financial choices. The one-stop-shop Money and Pensions Service’s free, high-quality, impartial information and guidance delivers exactly that.
“Also, it has an important part to play in helping today’s young people become tomorrow’s savvy savers, and the development of groundbreaking digital pensions dashboards which will transform how all of us plan for retirement.”