Money and Pensions Service reveals plans for a single consumer destination driving financial wellbeing

• Money and Pensions Service reveals plans to launch a single offering for consumers.
• MoneyHelper will replace legacy brands; Money Advice Service, The Pensions Advisory Service and Pension Wise.   

People across the UK will be empowered to manage their financial wellbeing with greater confidence and clarity throughout their lifetimes, when a holistic new consumer brand is launched by the Money and Pensions Service (MaPS) this summer.

MoneyHelper will be a single destination providing money and pensions guidance over the phone, online and face to face.(1)

Covid-19 has shone a light on the importance of financial wellbeing, and the new brand and the bringing together of legacy services will come at a time when many people need clear, accessible support. Even before the pandemic:

• 9 million people were over-indebted, often borrowing to buy food or pay bills(2)
• 11.5 million had less than £100 in savings
• 22 million said they don’t know enough to plan for retirement.

And 60% of people say the Covid-19 pandemic has added to their financial concerns.(3)

Financial wellbeing is about feeling secure and in control. It is knowing that you can pay the bills today, can deal with the unexpected tomorrow and are on track for a healthy financial future. People should feel confident and empowered.

Since MaPS was formed in 2018, it has operated its consumer services under the three legacy brands of the Money Advice Service (MAS), The Pensions Advisory Service (TPAS) and Pension Wise.

MoneyHelper will bring these brands and services together in one place. Pension Wise, which provides guidance for people aged 50 and over about their pension options, will continue as a named service under the MoneyHelper umbrella.

Money and pensions guidance and free debt advice4 will continue to offer vital support to customers under the new MoneyHelper brand. Following a thorough review of all of the information, tools and content on the legacy services websites, the majority will move to a new home on the MoneyHelper website, making it easier for people to find the information they need.

Caroline Siarkiewicz, Chief Executive of MaPS said:

“The arrival of MoneyHelper is an exciting next phase in our journey to improve the lives of people across the UK. MoneyHelper will be a single destination that allows people to more easily find and access free money and pensions support. Often money matters are complex; and we know that many people looking for help with money or pensions worries do not know where to start.

“MoneyHelper will be uniquely placed to empower people to inform themselves of their choices and improve their financial wellbeing across their lifetimes. It will also better link people with other free support services, if that’s what is right for them.

“The new single brand will allow MaPS greater efficiencies so our efforts can be better focussed on delivering for people across the UK. It will also make it easier for our growing network of partners to refer people to our services, information and tools, and help to improve the UK’s financial and overall wellbeing.”

MoneyHelper was developed following extensive user testing amongst MaPS audiences of people who are struggling, squeezed and cushioned5. The brand identity for the combined services was the most positively received by customers as clear, personable and encouraging people to take action.

MaPS is working with stakeholders across the UK to ensure that they are ready to signpost to MoneyHelper services and content when the brand begins to be rolled out from early June 2021. A toolkit and guide for stakeholders will be produced to ensure they have the information and collateral they need to ensure the changeover to MoneyHelper is as easy as possible.

At this time, consumers will be automatically redirected from the legacy brands’ websites to MoneyHelper.

For more information please visit maps.org.uk/moneyhelperOpens in a new window

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1. Face to face services are currently suspended due to Covid-19 restrictions and will resume in line with government guidelines.
2. Money and Pensions Service: UK Strategy for Financial Wellbeing, 2020.
3. Money and Pensions Service: Shame, upbringing and burdening others: why 29 million UK adults don’t feel comfortable talking about money despite feeling worried about it. The research was conducted by Opinium for the Money and Pensions Service. A nationally representative survey of 5,225 UK adults aged 18+ was conducted from 9th-19th October 2020 for Talk Money Week.
4. MaPS is the largest funder of debt advice in England and funds free, impartial debt advice provided by StepChange, Citizen’s Advice and National Debtline.
5. MaPS defines those who are ‘struggling’ as people who find it hard to keep up with bills and payments and to build any form of savings buffer. They are the least financially resilient segment and the most likely to be over-indebted.

Those who are ‘squeezed’ are working-age consumers with significant financial commitments but relatively little provision for coping with income shocks. They are digitally savvy and have high media consumption, but this is more for entertainment than financial information.

Those who are ‘cushioned’ are the most financially resilient group of consumers with the highest level of income and savings and are the least likely to be over-indebted. They are more likely to be in full-time employment or retired, and are the most highly engaged with their finances.  

This is based on the Money Advice Service Target Market Segmentation.