The Independent Challenge Chairs for the UK Strategy for Financial Wellbeing have today published their report Building the UK’s financial wellbeing in the light of Covid-19.
Sir Hector Sants, MaPS Chair, said:
“When, at the start of 2020, MaPS invited 140 industry leaders to join the independent Challenge Groups to work towards the National Goals of the UK Strategy for Financial Wellbeing, we could not have anticipated the impact of Covid-19 on individuals, communities and the regions and nations of the UK as a whole.
“As it became clear how Covid-19 was affecting UK financial wellbeing, the MaPS Board acted quickly to ask the Groups to pause their strategic work for MaPS and use their extensive experience and knowledge to make recommendations on how the sector as a whole could respond to the immediate crisis.
“This independent Building UK’s financial wellbeing in the light of Covid-19 report therefore represents an important contribution not just to the UK Strategy but wider UK financial wellbeing. MaPS will respond in due course to the challenging recommendations the Groups have made for us.
“The Challenge Groups will now return their focus to the delivery plans which will set out how we can collectively achieve the ambitious goals set out in the UK Strategy. I am grateful for their continued time, wisdom and ongoing commitment to improving the UK’s financial wellbeing, something which is more important than ever.”
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About the Money and Pensions Service
The Money and Pensions Service (MaPS) vision is: ‘everyone making the most of their money and pensions.’
MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime.
The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice.
MaPS brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person.
For further information visit the Money and Pensions Service website www.moneyandpensionsservice.org.uk