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Evolving the future of debt advice

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

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

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...
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Reduce missed debt advice appointments using behavioural science

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

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

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...
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Transforming customer wellbeing – what can retail banking do to build financial capability?

The report introduces the pressing financial capability challenges facing the UK population and why this should be a priority for retail banking providers. It highlights some of the existing features of current and savings accounts that can improve customers’ financial capability and wellbeing, while also setting out ways retail banking firms can better help their customers. Download the...
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How families teach children about money

Money Advice Service (MAS)1 research showed that adult financial capability is linked to what is seen, learned and experienced in childhood and adolescence.2 There is a growing appreciation of the importance of financial education – and that it needs to start early. Ensuring all children and young people get a meaningful financial education, allowing them to manage money well and make...
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Adult financial capability – Building the financial capability of UK adults – Survey

This survey has represented a major investment of both time and money. We would like as many people as possible to use and share the findings. The data is freely available and may be used with acknowledgment. More about the survey and analysis The Financial Capability Survey is a nationally representative survey of adults living in the UK,conducted via online and face-to-face...
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Developing financial Rule of Thumb to support young people using credit

In 2016, the Financial Advice Market Review (FAMR) developed initial high-level financial Rules of Thumb, in areas such as ‘cleaning up’ your finances, managing borrowing, saving regularly and focussing on your pension. The Money Advice Service (MAS) has been taking this work forward by developing a new Rule of Thumb to help young adults (18 to 24) use credit successfully. Previous MAS...

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