UK Strategy for Financial Wellbeing | The Money and Pensions Service

What is the strategy?
Key themes within the strategy
How to get involved
How the strategy was formed
Challenge Groups

What is the strategy?

We spent 12 months listening to our stakeholders and developing a new UK Strategy for Financial Wellbeing, which is designed to drive change at scale and shift the dials on personal finance.

The UK Strategy is the ten-year framework which will help achieve the vision of everyone making the most of their money and pensions.

MaPS will play a key role in achieving this vision, by supporting and working with a wide range of other organisations and by delivering services where appropriate.

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Key themes within the strategy

The strategy sets out a small number of big themes to engage and motivate large numbers of stakeholders.  It is focused on measured goals which aim to bring benefits for individuals, their communities and wider society. The goals we want to see achieved by 2030 are:

A quick summary of the Financial Foundations, Nations of Savers, Credit Counts, Better Debt Advice and Future Focus themes within the strategy.

2 million more children and young people getting a meaningful financial education
2 million more working-age ‘struggling’ and ‘squeezed’ people saving regularly
2 million fewer people often using credit for food and bills
2 million more people accessing debt advice, and
5 million more people understanding enough to plan for, and in, later life.

How to get involved

The strategy will only achieve its ambitious vision through collaboration and partnership with organisations across government, the third sector, educators, consumers, financial services, employers and others.  If you are part of one of these sectors – or if you care about improving financial wellbeing of individuals, communities, business and the economy – read on to find out how you can get involved.

Delivering financial wellbeing goals across the UK

Since launching the strategy in 2020, MaPS has worked with hundreds of partners from across government, industry and the third sector to coordinate delivery plans for each of the UK nations.

The plans make practical recommendations on how organisations across the country can roll out initiatives which help people make the most of their money now and in the future. They consider the impact of the Covid-19 pandemic on people’s finances, and how we can work together to achieve long term and lasting change around how people manage their money.

The plans are for you if you are:

interested in driving positive changes to people’s personal finances
deliver programmes, services, or support customers with their money, or
if you want to learn more about how your organisation can play its part delivering stronger financial wellbeing outcomes for people across the UK.

Delivery plan for England

Delivery plan for Wales

UK Strategy for Financial Wellbeing Deliver Plan for Northern Ireland

Delivery Plan for Northern Ireland

UK Strategy for Financial Wellbeing Deliver Plan for Scotland

Delivery Plan for Scotland

How the strategy was formed

We held a listening phase for three months, engaging over 1,000 stakeholders in locations around the UK on what they would like to see us focus on. This feedback helped shape the strategy.

Read a summary of the discussions in our Listening Phase Report.

Learn more about the listening phase

Challenge Groups

To meet the goals set out in the UK Strategy for Financial Wellbeing, the Money and Pensions Service brought together cross-sector groups of committed specialists to help set milestones for the ten-year journey towards better financial wellbeing. They worked for a six-month period to address the key strategic financial priorities for the UK, came up with some bold proposals and helped create plans to see them put into action.

Financial Foundations

Chair: Ndidi Okezie OBE, UK Youth

Carol Fitzsimons, Young Enterprise NI
Carol Knight, TISA
Chris Pond, Financial Inclusion Commission
Guy Rigden, MyBnk
Jonathan Baggaley, PSHE Association
Judith Cruickshank, RBS
Judy Shaw, NAHT
Louise Macdonald OBE, Young Scot
Russell Winnard, Young Enterprise
Saeed Atcha MBE, Youth Leads UK / Social Mobility Commissioner
Sally Hunt, Welsh Government
Thishani Nadesan, Cleo AI

Financial Foundations: Financial Services Financial Education

Co-chairs: Eric Leenders, UK Finance and Sarah Porretta, Money and Pensions Service

Caroline Edwards, RBS
Elisa Moscolin, Santander
Gareth McNab, Nationwide
Kirstie Mackey, Barclays
Mike Oliver, HSBC
Rachel Vann, Lloyds Banking Group

Nation of Savers

Chair: Marlene Shiels OBE, Capital Credit Union

Brian Morris, Building Societies Association
Carmel Morris, Irish League of Credit Unions
Chris Smyth, Leeds Credit Union
Frances McCann, Scotwest Credit Union
Ian Ackerley, NS&I
James Harper, Principality BS
Marloes Nicolls, Finance Innovation Lab
Pardeep Duggal, Lowell
Peter Brooks, Barclays
Rosa Verity, Monzo
Sarah Melvin, BlackRock
Tom Riley, Nationwide

Credit Counts: Affordable Credit

Chair: Sacha Romanovitch OBE, Fair4All Finance

Carmel Morris, Irish League of Credit Unions
Charlotte Anscombe, Welsh Government
Damon Gibbons, Centre for Responsible Credit
Dermott O’Neil, Scottish League of Credit Unions
Jag Bassi, Nationwide
Jamie Grier Turn2Us
Lee Healey, Income Max
Megan Peat, Nat West
Muna Yassin, Fair Money Advice
Niall Alexander, Carnegie Trust UK / Scottish Affordable Credit Action Group
Robert Kelly, Association of British Credit Unions (ABCUL)
Theodora Hadjimichael, Responsible Finance

Credit Counts: Use of Credit

Chair: Ben Page, Ipsos MORI

Angel Serrano, Barclaycard
Bill Hudson, ACE Credit Union
Carole King, Provident Financial
Douglas White, Carnegie UK Trust
James Jones, Experian
Katie Walley, Asda
Pantelis Solomon, Behavioural Insight Team
Peter Tutton, StepChange
Philip Sheehy, RBS/Natwest
Robert Kelly, ABCUL
Scott Kennerley, The Consumer Council
Tom Lake, Fair4All Finance

Better Debt Advice

Chair: Sir Hector Sants, Money and Pensions Service

Alex Maven-Hazelton, Lloyds Banking Group
Anna Hall, Citizens Advice
Britta Rinaldi, HM Treasury
Chilli Reid, Advice UK
Fran Targett, Wales National Advice Network
Ian Fiddeman, UK Finance
Jane Tully, Money Advice Trust
John Fairhurst, PayPlan
Lindsey Poole, Advice Services Alliance
Neil Taylor, RBS
Nisha Darby, FCA
Patricia Mullian, Department for Communities NI
Paul Neave, Welsh Government
Rachel O’Connor, Barclays
Sinéad Campbell, Advice NI
Vikki Brownridge, StepChange
Will Atkinson, Finance & Leasing Association
Yvonne MacDermid OBE, Money Advice Scotland

Future Focus: Decumulation and Later Life

Chair: Professor Dame Carol Black, Centre for Ageing Better

Dr Ben Maruthappa, CERA
Chris Brooks, Age UK
Eddie Lynch, Commissioner for Older People, Northern Ireland
George Jones, Older People’s Commissioner for Wales
Kelly Greig, Irwin Mitchell
Peter Glancy, Scottish Widows
Rachel Neaman, DigitalAgenda
Rob Yuille, Association of British Insurers
Stephen Lowe, Just Group plc
Tim Henderson, Generational Wealth Management
Toni Clark, HMRC

Future Focus: Long-term Savings

Chair: Emma Douglas, Legal & General Investment Management

Alistair McQueen, Aviva plc
Mike Douglas, Age Scotland
Jo Hill, The Pensions Regulator
Nigel Peaple, PLSA
Renny Biggins, TISA
Sarah Luheshi, Pensions Policy Institute
Sheila Mitchell, Public Health England
Shri Krishnansen, Smart Pension
Vince Franklin, Quietroom
Zoe Alexander, NEST

Gender and Financial Wellbeing

Chair: Jackie Leiper, Lloyds Banking Group

Anna Lane, Wisdom Council
David Holton, EY
Eylisia McCaffrey, Government Equalities Office
Grace Brownfield, Money Advice Trust
Helen Antoniazzi, Chwarae Teg
Jane Portas, Insuring Women’s Futures/6 Moments That Matter
Jerry During and team, Money A+E
Dr Nicola Sharp-Jeffs OBE, Surviving Economic Abuse
Selina Falvius, Black Girl Finance
Tanvi Gokhale, Lloyds Banking Group
Yvonne Braun, Association of British Insurers (ABI)

Mental Health and Financial Wellbeing

Chair: Paul Farmer, Mind

Adrian Nicholas, Hafal Wales
Alexandra Frean, Starling Bank
Conor D’Arcy, Money and Mental Health Policy Institute
Dawn Kirsopp, Citizens Advice
Frances Simpson, Support in Mind Scotland
Gregor Henderson, Public Health England
James Sanderson, NHS England
Jed Boardman, Royal College of Psychiatrists
Jemma Waters, Lloyds Banking Group
Michele Loughran, Mindwise Northern Ireland
Nadine Warburton, Split the Bills
Neil Gallimore, Barclaycard
Poppy Jaman OBE, City and Mental Health Alliance
Sarah Murphy, Rethink Mental Illness and Mental Health UK

Workplace and Financial Wellbeing