UK Strategy for Financial Wellbeing

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...

Money and Pensions Service (MaPS) Chief Executive Caroline Siarkiewicz highlights MaPS work to transform debt advice to help those in need. We know that debt advice works. It works for the people who receive it, and it works for society as a whole, benefitting the UK by up to £960 million a year. We also know that those delivering debt advice provide support that can transform...

Money and Pensions Service (MaPS) Chief Executive Caroline Siarkiewicz looks back at our work in 2021 and goals for the coming year. I’m sure we will all agree that 2021 has been a challenging year both for individuals and organisations. In light of those challenges, I am particularly proud of the work that we have done with our partners and...

The Money and Pensions Service welcomes the Financial Conduct Authority’s publication of guidance for firms on the fair treatment of vulnerable customers today. James Fearnley, Policy and Propositions Manager at the Money and Pensions Service commented: “We know that Covid-19 has deepened existing vulnerabilities for some and exposed others to financial difficulty for the first...

The Money and Pensions Service (MaPS) has responded to the announcement of the Nesta Rapid Recovery Challenge semi-finalists. Sarah Porretta, the Money and Pensions Service Strategy and Insights Director said: “We’re looking forward to seeing how these initiatives, including the winners from the financial recovery strand we are supporting, will help meet the financial wellbeing needs...

To help support the UK Strategy for Financial Wellbeing’s goal of two million more children and young people receiving a meaningful financial education by 2030, the Money and Pensions Service (MaPS) and UK Finance came together to map the current state of financial education delivery and reach across the UK. With the support of HM Treasury, the provision mapping work aims to build an...

The Money and Pensions Service (MaPS) has responded to the launch of Energy UK’s Vulnerability Commitment. Craig Simmons, head of debt policy and strategy at the Money and Pensions Service said: “When people are struggling to keep up payments on their energy bills they may be experiencing financial difficulties in other areas too, which is why it’s important that people know they...

Craig Simmons is Head of Debt Policy and Strategy at the Money and Pensions Service (MaPS). The past few years have certainly signalled an increasingly higher profile of debt problems in the UK. While this growth in problem debt is a very significant cause for concern, there has been the positive and wider recognition that the debt advice sector is now receiving. Those who work in...

In October 2020 the Challenge Chairs who advise the Money and Pensions Service on the UK Strategy for Financial Wellbeing released recommendations on ‘Building the UK’s financial wellbeing in the light of Covid-19’. To ensure that MaPS fully understood the financial wellbeing impact of Covid-19 across all of the UK, parallel processes of engagement were undertaken in Northern Ireland,...

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

Driving forward change to support those in need

2021: Looking back, looking forward

Media comment: FCA’s guidance on fair treatment of vulnerable customers

Media comment: Nesta Rapid Recovery Challenge

Financial education provision mapping 2019 – final report summary

Media comment: Energy UK Vulnerability Commitment

Update on debt advice projects driving forward our Better Debt Advice agenda for change

Building the UK’s financial wellbeing in the light of Covid-19

Managing money in uncertain times