The Money and Pensions Service has launched its UK wide strategy to boost the financial wellbeing of millions of people by 2030.
The strategy has five agendas for change with a strong focus on boosting the number of savers and improving debt advice nationwide.
It wants to increase the number of working age people saving regularly from the current 14.7 million to 16.7 million in the next 10 years.
Maps also wants two million more people to receive the debt advice they need within a decade as only 32 per cent of those in need currently access it.
Other objectives include increasing the number of people who understand enough to plan for their later lives by five million.
Boosting financial education for children and cutting down the number of people who need to use credit to buy basic goods are the other targets.
According to the strategy document, 64 per cent or £81m of its 2019/20 budget has been allocated to service delivery and 20 per cent or £25m has been allocated to other projects.
Having published the UK strategy, Maps says it is now developing a corporate plan for 2020/21 and a corporate strategy for 2021–24.
Commenting on the launch, minister for pensions and financial inclusion Guy Opperman said: “The government wants to make it easy for those who need it most to get help to make confident financial choices. The one-stop-shop Money and Pensions Service’s free, high-quality, impartial information and guidance delivers exactly that.
“Also, it has an important part to play in helping today’s young people become tomorrow’s savvy savers, and the development of ground-breaking digital pensions dashboards which will transform how all of us plan for retirement.”
Maps acting chief executive Caroline Siarkiewicz added: “Maps will be the catalyst for a financial wellbeing movement, transforming how people engage with their money and pensions. We have a decade to make a difference and we cannot achieve change alone, so we will be connecting companies, charities and other organisations which share our vision, to make this happen.”
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