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Govt guidance body sets out strategy to boost pensions confidence

Direction-Business-Strategy-Choice-Decision-Crossroad-700.jpgThe government’s Single Financial Guidance Body has officially relaunched as the Money and Pensions Service, and has outlined its first national strategy ahead of a UK-wide roadshow.

The body first launched last year as a combined entity to replace the Money Advice Service, Pension Wise and the Pensions Advisory Service.

The 10 roadshow events will be aimed at improving financial wellbeing and increasing understanding around pension options and requirements .

MAPS says the events will “serve as an opportunity to discuss views on everything from pocket money to pensions” with the community.

The body will focus in specifically on pensions freedoms and plans to deliver 205,000 pensions freedoms “transactions” or help points – a 21 per cent increase on its work in the 2018/19 calendar year.

The strategy also sets out a target of 290,000 personalised pensions guidance sessions for communities across the UK.

Society must confront ‘financial shame’ says SFGB chief

MAPS chair and former FSA chief executive Hector Sants says this will increase the confidence of the 47 per cent of adults who do not feel confident making decisions about financial products and services.

He says: “Consumers are confronted with many options and must decide what is the best choice for them based on what they need. It is essential people feel empowered to engage more regularly and confidently with their money and with their pensions.”

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  1. “Consumers are confronted with many options and must decide what is the best choice for them based on what they need. It is essential people feel empowered to engage more regularly and confidently with their money and with their pensions.”

    Is it the options, or the fact the options are forever changing (and this creates a sense of bewilderment)?

    #AskingForAFriend

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