The UK Strategy for Financial Wellbeing 2020/2030

Industry News | 20/01/20

The Money and Pensions Service have issued a press release and published a document which details the Financial Wellbeing Strategy for the UK for the next 10 years.

The strategy document states 11.5m people have less than £100 in savings to fall back on. 9m people often borrow to buy food or pay for bills. 22m people say they don’t know enough to plan for their retirement. And 5.3m children do not get a meaningful financial education.

Consequently MaPSs have identified 5 priority areas which includes a national goal to reduce the number of people using credit to pay bills by 2 million.