Uncategorised | The Money and Pensions Service

Nest Insight have today published the first of a series of briefing papers on their sidecar savings trial. Michael Royce, Senior Policy and Proposition Manager at the Money and Pensions Service said: “Evidence suggests that being able to build short-term savings for goals and emergencies is a key component of financial wellbeing. But we also know that many barriers to saving exist which...

97% of appointment customers have already recommended the service to others or say they would do so 91% of appointment customers said Pension Wise helped them consider their options more thoroughlyMore than threefold increase in overall Pension Wise transactions since the service began Rising numbers of people accessed guidance offered by Pension Wise in...

Rising numbers of people accessed guidance offered by Pension Wise in 2019/20, with a 23% increase in customers arranging appointments face to face and over the phone, and customers showing greater confidence in making pensions access decisions after using the service.     Download report

Valentine Mulholland, Senior Policy and Propositions Manager at the Money and Pensions Service said: “The measures confirmed today will be helpful for people with credit or overdraft commitments who continue to face financial difficulty after the end of October. If people are still struggling with their finances at the end of payment holidays, they shouldn’t suffer in silence. It’s crucial...

The Money and Pensions Service welcomes the opportunity to provide feedback on thesetwo pieces of proposed guidance for firms on how to support consumers at the end of theperiods of payment deferrals on overdrafts and wider consumer credit. Download report

Chancellor Rishi Sunak has today announced details of a new Job Support Scheme amongst a package of other measures to support business and workers impacted by coronavirus over the coming months. Alex Connolly, Chief Operating Officer at the Money and Pensions Service said: “We know how worried many people are about money right now, including those whose jobs continue to be impacted by...

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...

Professor Dame Carol Black, Chair of the Centre for Ageing Better, and Emma Douglas, Head of DC at Legal & General Investment Management, address later life and long-term saving, including barriers to financial wellbeing, initiatives that could drive change, and what motivates them as chairs within the UK Strategy for Financial Wellbeing. We pay a lot of attention to...

Media comment: Nest Insight sidecar savings trial

Pension Wise appointments see 23% increase in 19/20

Pension Wise service evaluation 2019/2020

Media comment: FCA’s continued support for consumer credit and overdraft customers

FCA additional guidance for firms on consumer credit and coronavirus, and overdrafts and coronavirus

Media comment: Job Support Scheme and money guidance

Using behavioural science to improve financial wellbeing in the UK

Pensions Awareness Week interviews: long-term saving and later life

Coronavirus and personal finances