Press releases | The Money and Pensions Service

The Money and Pensions Service (MaPS) is encouraging people to pay extra attention to their financial wellbeing during the coronavirus pandemic, and to consider what protective steps they can take now to avoid money worries later on. With coronavirus likely to cause disruption for a significant amount of time this year, the government-backed organisation is urging people to spend some time...

Over a third of over-50s leave retirement finance planning late or won’t plan at all Half of those recently retired advise Gen X to start planning earlier 35% of retirees said they left planning to the last two years or didn’t plan at all Over a third (37%) of over 50s are...

First funds will help agencies maintain pre-pandemic levels of debt advice Work has commenced to bring 500 new debt advisers into the sector The need for debt advice is expected to increase by 60% over the next 18 months The first tranche of an additional £37.8 million to fund extra debt advice and other money support for people affected by Covid-19 has been allocated by the Money and...

Carolyn Jones, pensions expert at the Money and Pensions Service said: “We know that Coronavirus has lead to an increase in uncertainty but it’s crucial not to rush into any pension decisions. A small amount of time on the phone with a pension specialist could make all the difference, helping you to avoid risking the retirement savings you’ve built up over your working life. For free...

James Fearnley, Corporate Policy & Propositions Manager at the Money and Pensions Service said: “It’s good the FCA has examined the important issue of re-lending practices. Given the report was conducted before the extra hit from Covid-19 it’s now even more important that consumers take time when making decisions and bear in mind the long-term implications of using high-cost credit....

Responding to figures released today by UKFinance, showing there have been payment deferrals on more than 1.7 million credit cards and personal loans in the wake of Covid-19, Valentine Mulholland, Senior Policy and Propositions Manager at the Money and Pensions Service, said: “Payment breaks on mortgages, credit cards, loans and other products have been a lifeline during the...

Results of behavioural trials published Behavioural trials to explore more effective ways of prompting people who phone their pension provider for retirement information to take Pension Wise guidance could increase the take up of appointments by around three times when compared with the current signposting to this group. The research, conducted by the Behavioural Insights Team on...

Andrew Johnson, money expert at the Money and Pensions Service said: “The extension of support measures confirmed today, including for motor finance and high-cost credit customers, could be helpful for people who are experiencing temporary payment difficulties, as we know that Covid-19 is continuing to affect people’s finances. It’s really important that people speak to firms to find out...

Andrew Johnson, money expert at the Money and Pensions Service said: “The extension of support measures confirmed today for credit card, personal loan and overdraft customers could be helpful for people who are experiencing temporary payment difficulties, as we know that Covid-19 is continuing to affect people’s finances. It’s really important that people speak to their lenders to find out...

Over 1 million people have already looked to the Money and Pensions Service for help with impact of Covid-19Money Navigator tool will help many people find money support now to avoid future debt problems The Money and Pensions Service is launching a new online tool to help people navigate their finances in the wake of Covid-19 and avoid financial issues worsening in future, as the...

People urged to consider financial wellbeing during coronavirus pandemic

3 million over-50s will leave planning retirement finances to final two years before stopping work

Additional £38 million for debt advice funding in England goes into action

Media comment: FCA Pension savers claim over £30 million lost to scams

Media comment: FCA’s review of re-lending by firms that offer high-cost credit

Media comment: “Start work now to get finances back on track” – MaPS comment on payment deferral figures

Additional provider nudges result in more Pension Wise appointments

Media comment: FCA’s continued support of car finance and high-cost credit customers

Media comment: FCA’s continued support of credit customers

New online tool to help people navigate finances in the wake of coronavirus

Coronavirus and personal finances