UK Strategy for Financial Wellbeing

UK Strategy for Financial Wellbeing

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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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.

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.  

Get all the latest news on the Strategy and join the conversation at the hashtag #UKFinancialWellbeing.

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

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

Chair: Sacha Romanovitch OBE, Fair4All Finance

  • Ashley Price, Yorkshire Building Society
  • Charmian Love, B Lab UK
  • CJ Green, BraveGoose
  • Debi O’Donovan, Reward and Employee Benefits Association (REBA)
  • Gary Dewin, Co-op Group
  • Gemma Godfrey, Times
  • Jack Jones, Trade Unions Congress (TUC)
  • Dame Jayne Anne Gadhia, Salesforce
  • Matthew Taylor, RSA
  • Michael Mealing, Federation of Small Businesses
  • Nick Roberts, Travis Perkins
  • Robin Fieth, Building Societies Association
  • Rosemary Lemon, Hays
  • Sian Williams, Toynbee Hall
  • Taha Coburn-Kutay, UK Asian Business Council
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