Research

In 2021, reports of pension scams increased by 45%1, and fraudsters stole over £2m from people in the UK in just six months2. This is likely to be a significant underestimate of financial losses, considering the Financial Conduct Authority (FCA) estimates that less than 1 in 5 instances of scams are reported. However, there is little rigorous evidence on what governments and the industry...

In recent years, there has been a rapid increase globally in the use of Buy Now Pay Later (BNPL) products. In the UK, it’s estimated that 10.1 million people have used BNPL in the past 12 months. As part of the UK Strategy for Financial Wellbeing, the Money and Pension Service (MaPS) has commissioned the Behavioural Insights Team (BIT) to explore how consumers use and manage their credit...

Previous research has shown that financial wellbeing, by the time of reaching financial independence, is in large part a consequence of what is seen, learned, and experienced during childhood and adolescence. The Children and Young People’s Financial Wellbeing Survey 2022 is a major source of insight regarding children and young people’s financial wellbeing as it currently stands. Our...

Our 2022 Debt Need Survey, looked at the need for debt advice and how households are reacting to changes in the cost of living. This technical report covers the approach that MaPS took to the survey, working with research agency Alligator. The report goes into detail on how we executed each aspect of the project from questionnaire development, interviewing and data processing. Insights...

Mental health, ethnicity, and gender, are ‘cross-cutting themes’ throughout the UK Strategy for Financial Wellbeing. This means that for all activities and initiatives delivered as part of the Strategy, these factors must be taken into consideration to determine whether it has an impact on consumer need. In order to better understand how consumer needs can be best met, the Money and Pensions...

The Credit Counts survey, part of the Adult Financial Wellbeing Survey 2021, looked at the number of adults who often use a credit card, overdraft or borrow money to buy food and other essentials or pay bills because they’ve run short of money. It showed that while the number of people relying on this was higher in individuals on low incomes, there were also differences between age...

The provision of financial education for children and young people is key to ensuring we build strong foundations to help everyone make the most of their money and pensions. Through the financial education provision mapping, the Money and Pensions Service (MaPS) aims to provide a snapshot of financial education programmes for children and young people across the UK. This report sets out...

As people approach later life, they need to know how much they should be saving into their pension and what options they have for accessing it. As part of the UK Adult Financial Wellbeing Survey 2021, the Money and Pensions Service (MaPS) examined attitudes and actions relating to planning for retirement and later life. In particular, MaPS looked at the amount individuals have done to plan...

Knowing what works in solving problem debt is vital. The completion of a two-year quantitative pilot longitudinal study (PLS) by the Money and Pensions Service (MaPS) marks the first steps towards developing a longitudinal study to build an in-depth understanding of the medium and long-term impacts that debt advice can have. A study of this kind has rarely, if ever, been attempted either...

The link between money and mental health is well established; money worries can make existing mental health problems worse or cause new ones. As part of the Adult Financial Wellbeing Survey, the Money and Pensions Service (MaPS) looked at the groups most affected by mental health problems and how their financial wellbeing is impacted. Mental health problems can impact a person’s ability to...

Pension scams in the UK: Evidence review

Buy Now Pay Later: a review of the market, risks and trends, consumer understanding, impact and outcomes

UK Children and Young People’s Financial Wellbeing Survey: Financial Foundations

Technical Report: 2022 Debt Need Survey

Cross-cutting themes of the UK Strategy for Financial Wellbeing: Gender, mental health and ethnicity

UK Adult Financial Wellbeing Survey 2021: Credit Counts

Financial education provision mapping 2021: Final report

UK Adult Financial Wellbeing Survey 2021: Future Focus

Understanding the long-term impact of debt advice

UK Adult Financial Wellbeing Survey 2021: Mental Health Report

Managing money in uncertain times