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Money and Pensions Service unveils strategy to ‘transform’ Brits’ financial wellbeing

Goals include encouraging 16.7m struggling workers to save regularly

The Money and Pensions Service has published a UK-wide strategy that aims to transform the country’s financial wellbeing in a decade.

The strategy sets out five clear goals to achieve by 2030.

It will also examine the factors that can make people particularly susceptible to financial detriment, such as mental health conditions and gender.

The Money and Pensions Service said people who enjoy good financial wellbeing are more productive at work, while businesses benefit from having customers who can afford to keep up with bills and payments.

* 6.8 million children getting
a “meaningful financial education”
* 16.7 million working age people

who are “struggling and squeezed”
saving regularly
* 2 million fewer people

often using credit
to pay for food and bills
* 2 million more getting

debt advice

Caroline Siarkiewicz, acting chief executive of the Money and Pensions Service, claimed it would be the catalyst for a financial wellbeing movement, transforming how people engage with their money and pensions.

Becky O’Connor, personal finance specialist at Royal London, said the 10-year vision may seem like a long timeframe, but is realistic given people’s limited means and the extent of debt dependence in the UK.

“Alongside this national initiative, we can all do a bit more individually to apply the principles of strong budgeting, goal setting and good habits to our finances,” she added.