Credit, Collections & Insolvency News
The newly launched Money and Pensions Service is calling on organisations throughout the UK to get involved in the development of the organisation’s strategy to improve the nation’s financial wellbeing.
The new organisation, which has officially launched today, is a joined-up service for everything from debt help to money and pensions guidance. Uniquely, 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 has an ambitious vision 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 today 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.
The listening phase will influence the organisation’s strategy to collectively address the five building blocks to managing money and pensions well: savings, credit use, debt advice, retirement and financial education. The goal is to work with partners to convert each £1 of the Money and Pensions Service’s budget into £10 of customer impact through the wider sector.
The Money and Pensions Service has also released its business plan which sets out the key performance indicators for the organisation’s transition year:
This will be in the context of efficiency gains achieved by bringing three organisations into one, enabling the organisation to increase its focus on front-line services.
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.”
Guy Opperman MP, Minister for Pensions and Financial Inclusion said “This Government wants to ensure that it is as easy as possible for people to get all the help they need to make effective financial decisions throughout their lives. The launch of the Money and Pensions Service is a big step towards meeting that commitment, providing a one-stop-shop for high-quality, free and impartial information and guidance.”
“The Money and Pensions Service will be there for those most in need as well as helping today’s younger generations to become the savvy savers of tomorrow. It will play a vital role too in the creation of ground-breaking pensions dashboards which will bring pensions into the 21st Century.”
