Research

This research was conducted by Ipsos MORI on behalf of the Money and Pensions Service, to understand how people think about and engage with their money, and how better financial behaviours can be supported. The report looks at the way in which people’s skills and knowledge, mindset and attitudes, and social identity interact to shape their behaviour. It goes on to highlight key...

Research conducted by the Behavioural Insights Team on behalf of the Money and Pensions Service (MaPS) tested two potential routes when customers asked their providers about access to their workplace savings, either offering to make a Pension Wise appointment for them or transferring them to a member of the Pension Wise booking team who could explain the offer and make an appointment. This...

Covid-19 has had, and will continue to have, a major impact on our lives and those of our customers. As an organisation we want to try and understand how people’s financial lives are changing, and might change in the future, so that we and our partners can respond in the best way. We have collated and analysed published data from the widest range of sources we could, to...

Evidence suggests that talking to children about money before the age of seven is key to developing positive attitudes and skills around money management. The Money and Pensions Service (MaPS) has undertaken a qualitative study to better understand the financial skills, knowledge and attitudes of 4-6 year olds and their primary carers. The study aims to uncover how financial capability...

Around nine million people in the UK are over-indebted, and supply of debt advice is struggling to keep up with the demand. To respond to this rapidly changing marketplace, services need to find new and innovative ways to serve customers. While face-to-face debt advice services remain crucial, people are increasingly using online channels for a range of services and experiences....

The Pension Wise 2018/19 Service Evaluation Report, published in partnership with Ipsos Mori, is a very positive endorsement of the service and its delivery partners. Since launching in 2015/16, Pension Wise has increased transaction volumes over two and a half times, whilst maintaining excellent satisfaction and advocacy levels and the many positive impacts on the knowledge and...

The UK Strategy for Financial Wellbeing establishes five agendas for change and sets goals to be achieved by 2030. One of these is two million more children and young people (CYP) getting a meaningful financial education by 2030. To support this goal, the Money and Pensions Service has conducted a nationally representative survey of the financial knowledge, attitudes and behaviours of...

A guide to a new communication system When a client doesn’t attend a debt advice appointment (‘no shows’), it means they are not receiving (or at least delaying receiving) debt advice which can dramatically improve their financial circumstances. Advisers also have to prepare for each appointment, so every ‘no show’ not only wastes the time spent planning, but also the time reserved for...

The transition from childhood to adulthood can be a challenging time. One of the many challenges that occurs for the young person during this period is taking on extra financial responsibilities and eventually becoming financially independent. It may be that there are ways to make these extra responsibilities less of a challenge, and to better support young people to enter adulthood with...

The Money Advice Service (MAS), which is now part of the Money and Pensions Service, had a statutory duty to improve people’s financial capability and help them manage their money better. As part of this remit, MAS led the development of a Financial Capability Strategy for the UK (The Strategy). The Strategy, published in October 2015, was co-produced by a range of key organisations...

Using behavioural science to improve financial wellbeing in the UK

Pension Wise: the stronger nudge

Covid-19 impacts on financial wellbeing

Children and young people’s financial capability – four to six year olds

Evolving the future of debt advice

Pension Wise service evaluation 2018/19: Experiences and outcomes of customers

UK Children and Young People’s Survey – Financial Capability 2019

Reduce missed debt advice appointments using behavioural science

Investigating links between childhood financial capability and young adult outcomes -Recontact Study 2017-2018 – Summary of Findings

Financial capability of children and young people in the United Kingdom: Recontact Study 2017-2018 – Technical Report

Coronavirus and personal finances