MaPS makes appointments for Financial Wellbeing group

the Money and Pensions Service (MaPS) has announced the appointment of 11 sector leaders named who it says will help shape the UK’s future financial wellbeing

The leaders will chair Challenge Groups which will recommend how the UK can achieve the five national goals set out in the government-backed UK Strategy for Financial Wellbeing, launched by MaPS in January 2020 to help everyone make the most of their money and pensions.

In addition to the chairs, groups will be made up of leaders and specialists from across the public, private and third sectors, all with an interest in moving the dials on financial wellbeing. MaPS will support the groups with research and insight, and policy content to help drive forward their recommendations.

The Challenge Groups will be tasked with creating bold and innovative proposals to address financial wellbeing issues across the four nations of the UK over the next decade. Starting points could include expanding existing financial education programmes, increasing the take up of payroll savings by employers, and tackling the availability of affordable credit products.

The action-focused recommendations will be reviewed by a board1 in the summer and specific delivery plans for England, Scotland, Wales and Northern Ireland will then be launched by MaPS in autumn 2020.

The Challenge Chairs are:  

Challenge Group	Name	Position	Organisation
Financial Foundations – Financial Services Financial Education Group2	Eric Leenders	Managing Director of Personal Finance	UK Finance
	Sarah Porretta	Strategy and Insight Director	Money and Pensions Service
Financial Foundations – Financial Education	Ndidi Okezie	Chief Executive	UK Youth
Better Debt Advice	Sir Hector Sants	Chair	Money and Pensions Service
Nation of Savers	Marlene Shiels OBE	Chief Executive	Capital Credit Union
Credit Counts – Use of	Ben Page	Chief Executive	Ipsos MORI
Credit Counts – Affordable Credit and Workplace Cross-Cutting Theme	Sacha Romanovitch	Chief Executive	Fair4AllFinance
Future Focus – Long Term Savings	Emma Douglas	Head of DC	Legal & General Investment Management
Future Focus – Decumulation and Later Life Issues	Professor Dame Carol Black	Chair	Centre for Ageing Better
Gender cross cutting theme	Jackie Leiper	Workplace Savings & Distribution Director	Scottish Widows
Mental Health cross cutting theme	Paul Farmer	Chief Executive Officer	Mind

Caroline Siarkiewicz, Chief Executive of the Money and Pensions Service said “Transforming financial wellbeing is too big a job for any one organisation or even one sector. Our UK Strategy lays down the gauntlet in terms of what the country needs to aim for and I’m delighted to see so many inspiring people ready to join us and take up the challenge.”

“The Challenge Chairs are also leading by example and, on behalf of their organisations, setting the scene for many more across the UK to support the delivery plans to make a difference to financial wellbeing over the next decade.”

Sarah Porretta, Strategy and Insights Director at the Money and Pensions Service and co-chair of the Financial Services Financial Education Group said “We are looking forward to working with the Challenge Groups to get to the bottom of what could really work to improve financial wellbeing, whether that’s proposing innovative new solutions or building on existing initiatives so more people can benefit from them.”

“We are unashamedly ambitious and, by working together, we can give millions of people across the UK the confidence and empowerment to pay their bills today, deal with the unexpected, and get on track for a healthy financial future.”