RegulationMay 17 2013

Money Advice Service calls for evidence on UK finances

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ByDonia O’Loughlin

The Money Advice Service has called for evidence to help draw up a new national strategy to help improve the UK’s financial well-being as part of its new five-year strategy.

Over the next 10 weeks, everyone – individuals, groups, charity organisations etc – is invited to provide evidence of projects and initiatives which have successfully improved people’s financial wellbeing.

Once it has gathered the evidence, Mas will draw up a draft strategy in collaboration with a range of partners in the financial services industry, consumer groups and governments of the UK and devolved nations. It will consult on the draft strategy in autumn 2013, and aims to publish a final strategy in 2014.

The evidence gathered will ultimately lead to a five-year strategy which will set out a ‘blueprint’ to help people across the UK to manage their money.

During the call for evidence, Mas will publish a comprehensive survey about how financially astute the UK population currently is. The new survey will incorporate findings from other research commissioned by the Money Advice Service.

Mas will lead the strategy’s development but said it will be working in close collaboration with partners. In the next few weeks, events will be held across the UK to gain input from interested parties.

Caroline Rookes, Mas chief executive said: “Gathering a wide a selection of views and insights will take us one step nearer understanding how we can best help people manage their money, and improve the UK’s financial wellbeing.

“I call on everyone - in small groups or large organisations across the UK - who has done something to help someone manage their money better, to tell us about it. We want to know what they did, and why it worked. However small the initiative, we want to hear about it.

“The final strategy, which we’ll develop in collaboration with a wide range of partners across the UK, will help us take a major step forward to improve the financial health and wellbeing of the nation. It’s badly needed at a time of economic uncertainty and squeezed incomes”.