Financial literacy is an important life skill, yet according to the Money and Pensions Service (MaPS), around 22 million British people say they don’t know enough to plan for their retirement.
MaPS is a Department for Work and Pensions-sponsored body, set up by the Government at the start of 2019 to address this and a number of other issues. Its aim is to help people to take control of their finances throughout their lives.
In April to June 2019, the body held a series of ‘listening events’ in cities across the UK to gather the public’s views on topics such as pensions, women and personal finance, financial education, and financial wellbeing in the workplace. The findings were developed into a ‘UK Strategy for Financial Wellbeing’, which has recently been published (24 January 2020).
Alongside its goal to help five million more people to understand enough to plan for, and in, later life, MaPS has set targets around financial education, saving, managing credit and accessing debt advice. It is now in an ‘activation period’ whereby delivery plans to meet these objectives will be developed. The next phase in which ‘Agendas for Change’ will be developed will be rolled out in the forthcoming months and years.
At Brunsdon Financial we do, of course, support any moves to improve the population’s financial literacy. That’s because, as reported in our earlier article, ‘Research demonstrates the value of engaging a Financial Adviser’, it has been shown that when people feel confident in talking about their finances, they are more likely to seek professional advice from an expert.
We will continue to follow MaPS’ work with interest.
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Source 1: https://moneyandpensionsservice.org.uk/