The UK Strategy for Financial Wellbeing sets out five challenges – ambitious goals to improve the lives of millions of people by 2030.
We are now looking at these priority areas in detail, creating specific delivery plans, and setting milestones for the ten-year journey towards better financial wellbeing across the UK.
The role of Challenge Groups
From January to June 2020, the Money and Pensions Service (MaPS) will facilitate 11 Challenge Groups that bring together stakeholders, leaders and experts from across the public, private and third sectors.
To enable depth of dialogue and group discussions, we have restricted the groups to around a dozen people, but we welcome input from the widest range of stakeholders.
The groups have been tasked with making recommendations to address a specific 2030 financial wellbeing challenge. These recommendations will inform delivery plans for the nations of the UK, and the MaPS corporate strategy.
We want to hear from you. Do you have a particular interest or passion for one of these financial wellbeing challenges? Do you have insights that you think we may not have captured, and should be considered as the Challenge Groups develop recommendations?
Engage with these challenges by sharing your ideas and solutions before 15 April 2020.
Challenge Groups are looking for ideas that could be implemented over a ten-year period and would have a quantifiable impact on these key financial wellbeing challenges.
To give you the background on each challenge, we’ve created Challenge Packs. In each pack, you will find more information about the challenge each group is addressing, including:
- insight into the issue and target audience
- what we know about what works
- what are the devolved nation considerations
- what is MaPS doing in this space and what else is going on, and
- some possible ‘game-changer’ ideas.
Before submitting your comments or suggestions, we encourage you to read the Challenge Pack(s) below, which support the challenge you wish to comment on. To ensure that your suggestions aren’t duplicated, we particularly encourage you to note the lists of “game-changing ideas” in the packs.
All your comments will be reviewed and prioritised, and relevant ideas will feed into the work of the Challenge Groups.
Submit feedback on multiple challenges
You can submit comments to more than one challenge. So that we can easily process your comments, we’ll need you to make a separate submission for each.
In some cases, there are two Challenge Groups addressing one challenge, and therefore each group will have their own pack. In the case of Financial Foundations, one pack has been prepared for both Challenge Groups.
|Challenge||Challenge Group||Challenge Pack|
|2 million more children and young people getting a meaningful financial education||Financial Foundations||Download|
|2 million more working-age people who are ‘struggling’ and ‘squeezed’ saving regularly||Nation of Savers||Download|
|2 million more people accessing debt advice||Better Debt Advice||Download|
|2 million fewer people often using credit for food and bills||Credit Counts: Use of Credit||Download|
|Credit Counts: Affordable Credit||Download|
|5 million more people understanding enough to plan for, and in, later life||Future Focus: Long-term Savings||Download|
|Future Focus: Decumulation and Later Life||Download|
|Addressing the differences in financial wellbeing outcomes across genders||Gender and Financial Wellbeing||Download|
|Focusing on those experiencing mental ill health, who research shows fare much worse with debt and credit||Mental Health and Financial Wellbeing||Download|
|Encouraging both employers and employees to address financial wellbeing in the workplace||Workplace and Financial Wellbeing||Download|
Closing date for responses is 5pm 15 April 2020.
Considerations when providing comments
If you have problems submitting the form, please get in touch with the team at email@example.com. Please allow 48 hours for a response.