The Money Advice Service is proposing widespread, coordinated efforts with a decisive focus on helping people in the “squeezed” and “struggling” segments of society improve their money skills and deal with their debts, in its draft business plan for 2017/18.
Having engaged more than 300 organisations in its collaborative strategy to improve financial capability, the Money Advice Service now plans in 2017/18 to fund more than 50 organisations up and down the country to deliver immediate help to people and at the same time develop robust evidence of what really works to improve long-term money skills.
By April 2018 the Money Advice Service aims to:
- Have helped 468,000 people to manage their debts, reducing their stress and improving family life
- Have helped over 6,000 children in schools to improve their money management skills through maths lessons
- Have a robust evidence base of What Works from over 50 projects
- Identified some of the most cost effective and efficient ways to help “squeezed” working-age people, many of whom have less than £500 in savings
- Reached 8.2 million people with the money guidance they need to improve their finances*
- Continued to ensure direct delivery is of the highest quality representing best value for money and that it reaches the people who need it the most
- Developed a strategy to unite the debt sector
Caroline Rookes, Chief Executive for the Money Advice Service said “We have set out a clear and ambitious plan for the coming year which builds on last year’s progress. There is a clear focus on demonstrating how we plan to prioritise and deliver efficiently and at best value for the resources entrusted to us. Our combination of insight, access and a strong network puts us in a strong position to turn these priorities into action, helping more people than ever, especially those who are “squeezed” or struggling” to get by”
The plan includes a clear commitment to build on the Money Advice Service’s work to signpost to others, unlocking and co-ordinating the wealth of expertise provided by the sector. This will involve building deeper relationships with the financial services sector and wider communities.
Caroline Rookes continued We have seen first-hand the impact that bringing organisations together to work towards a common goal can have. Over 300 organisations across the UK supported the first ever Financial Capability Week, raising awareness of key issues and working together to discuss and overcome challenges. Bringing organisations together, understanding the financial challenges and joining the dots so that people receive consistent and relevant guidance is vital if we are to see a real change in financial behaviours in the future.”