The Money and Pensions Service has launched with a mission to improve the nation’s financial wellbeing.
The new organisation, which officially launched on Monday (8 April), is a joined-up service for everything from debt help to money and pensions guidance.
The organisation will focus on improving financial wellbeing throughout people’s lifetimes, equipping, empowering and enabling individuals to make informed financial decisions with confidence.
Sponsored by the Department for Work and Pensions, the government-backed organisation seeks to tackle the many complex financial wellbeing challenges faced by people in the UK, through working in partnership with organisations across many sectors.
To facilitate this, the Money and Pensions Service is undertaking a UK-wide programme of listening events. Between now and the end of June, this will serve as an opportunity to discuss views on everything from pocket money to pensions, and help create the new National Strategy for Money and Pensions, as well as the organisation’s three-year corporate plan. The National Strategy will set the organisation on the road towards its vision of everyone making the most of their money and pensions.
The listening events will include stakeholder roadshows in 10 locations across the UK, offering stakeholders the opportunity to discuss what is specifically needed to improve financial wellbeing in their local communities and at a national scale.
Those who are unable to attend events will also have the opportunity to give their written input by responding to the key questions in the listening document1 that will influence the organisation’s future strategy in an email to listening@maps.org.uk.
The new Money and Pensions Service customer website will go live towards the end of 2019, to be influenced by the findings of the listening phase and the emerging National Strategy to improve the financial capability of the UK population, their ability to manage debt, and the provision of financial education to children and young people. Until then, guidance will continue to be available through the websites of the previous component parts of the Money and Pensions Service – Pension Wise, the Money Advice Service and The Pensions Advisory Service.
John Govett, chief executive at the Money and Pensions Service, said: “Improving the UK’s financial wellbeing is only possible through collective action, and engaging a wide community of organisations and businesses for their views is the first step. It is crucial that anyone who has an interest in improving people’s ability to manage their money and pensions is able to contribute to the conversation about what’s needed.”
Sir Hector Sants, chair of the Money and Pensions Service, said: “Our vision is to create a society where everyone is making the most of their money and pensions. To do this, we need to change the relationship we have with money. Making financial decisions is not unlike shopping at the supermarket – consumers are confronted with many options and must decide what is the best choice for them based on what they need, on price and quality. There has been a lot of great work over the past few years to enable people to make more informed food choices; it’s time to think about financial wellbeing through a similar lens.
“With 47% of adults saying they do not feel confident about making decisions about financial products and services, its essential people feel empowered to engage more regularly and more confidently with their money and pensions, so they can enjoy greater financial wellbeing throughout their lifetimes.”