Michael Royce, savings expert at the Money and Pensions Service said:

“We support National Numeracy Day and these new findings from National Numeracy. Numeracy is an important building block to help people manage their money and pensions with confidence. Our research has shown that there is a strong link between numeracy and savings behaviour, particularly long term saving for pensions, as well as managing credit.

“We are also co-funding a field trial with the Education Endowment Foundation of Young Enterprise’s ‘Maths in Context’ programme, reaching 12,000 16 year old students in 130 English schools. The trial is testing whether teaching maths in real-world contexts improves teenagers’ financial capability and achievements in GCSE maths exams, with results expected in 2020.

“It is important to consider numeracy alongside other building blocks of financial capability, such as confidence and attitudes. The Money and Pensions Service is committed to improving the UK’s financial wellbeing, through money guidance, trialling new initiatives with partners based on behavioural insights, and the provision of financial education for children and young people.”

About the Money and Pensions Service

The Money and Pensions Service vision is people making the most of their money and pensions.

The new organisation brings together the free services delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise.

The Arms-Length organisation is sponsored by the Department for Work and Pensions, with a joint commitment to ensuring that people have access and guidance to the information they need to make effective financial decisions over their lifetime. The organisation will also engage with HM Treasury, which is responsible for policy on financial capability and debt advice.

Working hand-in-hand with stakeholders throughout the UK, the Money and Pensions Service will ensure that money and pensions guidance is available to those that need it, adapting to people’s changing needs throughout their lives, offering services and appointments over the telephone, online and in person where appropriate.

The Money and Pensions Service will also be responsible for delivering and overseeing pensions dashboards, to help people access their pensions information online, in partnership with the DWP. An industry delivery group will be brought together by the Money and Pensions Service, which will set out a clear timetable and roadmap to drive progress towards fully operational dashboards throughout 2019.

For further information for stakeholders, visit the new Money and Pensions Service website www.moneyandpensionsservice.org.uk.

Resources and research around financial capability can be found at www.fincap.org.uk.

Consumers can continue access free guidance about their money and pensions via the following websites and help lines:
www.moneyadviceservice.org.uk / 0800 138 7777
www.thepensionsadvisoryservice.org.uk / 0800 011 3797
www.pensionwise.gov.uk / 0800 138 3944