Money and Pensions Service-funded debt advice impact report 2023/24

This report is our response to feedback received during the consultation exercise we carried out in early 2024. In this, stakeholders encouraged us to do more to clarify how the services we fund operate, the impact they have on people in debt, and the wider value they create for funders, stakeholders, and society as a whole. 

The report focuses on the work of the organisations we funded during 2023/24, and aims to highlight both the tangible and transformative effects that debt advice services have on people facing financial hardship, particularly those in vulnerable circumstances. 

The report highlighted that MaPS-funded services not only provide essential advice and support but also create lasting positive change in people’s lives by fostering financial resilience and wellbeing. The report provides insight into the impact our funding has had over 2023/24, including: 

• 623,466 - the total number of clients seen across all services from 1 April 2023 to 31 March 2024   
• 87% of people who received MaPS-funded debt advice said they would recommend the service to someone in a similar situation  
• 75% of people who received MaPS-funded debt advice are now checking their incomings, outgoings and bank balance to help them stick to their budget  
• 65% of people who received MaPS-funded debt advice told us they now worry less about their debts or financial difficulties while 52% said their mental health had improved after getting advice 
• In 2023/24 our MaPS funded services reported that people accessing debt advice gained an estimated £48 million of extra income. 

This is the first time MaPS  has produced an impact report of this nature, and we welcome your feedback. Understanding how this information resonates with the sector is invaluable, as it will guide us in refining future reports and expanding our approach to better serve all stakeholders.