The Money and Pensions Service has put forward a 10 year plan which hopes to improve millions of lives by setting goals to be achieved across financial education, saving, credit, debt advice and retirement.
The UK Strategy for Financial Wellbeing has five set goals to be achieved by 2030. These include increasing the number of children and young people receiving a meaningful financial education by two million, getting two million more people to save regularly and increasing the number of people getting the debt advice they need by two million.
The strategy also aims to increase the amount of people understanding enough to plan for their future by five million and decreasing the amount of people using a credit card to pay for food or bills by two million.
According to the Money and Pensions Service, people who enjoy good financial wellbeing are more productive at work. Poor financial wellbeing can have knock-on effects on mental health, physical health and relationships.
Caroline Siarkiewicz, acting chief executive of the Money and Pensions Service, said: “Financial wellbeing underpins personal health and happiness, but it doesn’t happen by chance. We are launching a strategy for entire lifetimes.”
Sir Hector Sants, chair of the Money and Pensions Service, added: “The strategy will only be successful for individuals if it is supported by the right products, regulation, service and corporate culture. Achieving the strategy will require the support, and in many cases, action, by both the private and public sector.”
Credit Awareness Week returns during Credit Week 2020, in which Credit Strategy teams up with Experian to gauge the level of public engagement with their credit position. To find out more, visit the Credit Awareness Week website.