A new national strategy to transform financial wellbeing is being launched today by Debt Free London's funder, the Money and Pensions Service (MaPS).
The UK Strategy for Financial Wellbeing establishes five “agendas for change” and sets goals to be achieved by 2030. These are:
- Financial Foundations: 6.8 million children and young people getting a meaningful financial education – an increase of 2 million from 2019
- Nation of Savers: 16.7 million working-age people who are struggling and squeezed saving regularly – an increase of 2 million
- Credit Counts: 2 million fewer people often using credit to pay for food or bills
- Better Debt Advice: 2 million more people getting the debt advice they need; currently only 32% of those who need debt advice access it
- Future Focus: 28.6 million people understanding enough to plan for their later lives, and during them – an increase of 5 million.
Since 2006 the Debt Free London partnership has supported over 250,000 Londoners with their debt and money worries - every day our advisors see how a lack of financial wellbeing can have a devastating impact on not only an individual's life, but that of their families also.
We welcome this new national strategy and look forward to working with the Money and Pensions Service to ensure all Londoners will be able to access high-quality debt advice when they need it, because of stronger and earlier engagement, and because funding, supply and services more closely match need.
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 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.
Over the first half of 2020, MaPS will work with leaders and experts from across the public, private and voluntary sectors to set out clear delivery plans to achieve the five goals, with specific plans for England, Scotland, Wales and Northern Ireland.
Following this mobilisation phase, MaPS will develop its own corporate strategy which will define how the organisation will activate the UK Strategy and continue to deliver on essential money and pensions guidance and services to its customers.
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