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MAS: We help 2,000 people a day

The Money Advice Service says it changed the financial behaviour of 2,000 people a day in the three months to June.  

In its first quarterly financial capability tracker, published today, the MAS says it changed behaviour of 184,000 people between April and June and is on course to beat its annual target of changing the behaviour of 480,000 people.

The MAS commissioned research firm Ipsos Mori to ask 483 users a series of questions to assess whether the organisation is helping people protect assets, provide for dependents, save regularly, prepare for retirement and manage debt.

Between July and September separate data shows the service had 3.7 million “online contacts” for money advice while 58,000 customers completed its online budget planner.

During the same period, partners in England and Wales, funded by MAS, provided debt advice sessions to 42,000 people. 


Between April to September, the MAS’ financial year to day, the service says it has received more than 6.3 million contacts including both on and offline for money advice with 86,000 debt advice sessions.

MAS chief executive Caroline Rookes says: 
“We are erring on the side of caution when we estimate 184,000 actions were taken between April and June 2013, but these figures are a strong signal that the service can really motivate people not just to think about how they manage their money, but to do something as a result.

“We are very cautious at this stage not to read too much into the figures, given how difficult it is to measure actions rather than just intentions. But these early indicators are encouraging.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. For what is principally an “on-line” service with a budget £78.3m helping 480,000 consumers works out at a price of £163.13p per consumer. Still sounds incredibly inefficient to me! Time to get rid of this CE and get a better one?

  2. And how, precisely, was that behaviour modified?

    Consumer gets cheque for a couple of grand for missold PPI insurance; looks at MAS website to see how they might use it to save for a rainy day or pay down some debt, reads a couple of its infantile pages and thinks…”oh sod it, I’ll put a deposit down on a new car instead”.

  3. I used it 3 times today to show clients ballpark figures for annuity rates. Site usage experience was grim. Only 5 insurers figures produced, 4 really as Saga is just a bad L & G clone.

    Do my 3 visits today, which is a daily average, count in these numbers. How many other visits are by industry staff and media?

  4. Helping people to formulate strategies to protect and accumulate assets and savings is all very well, but the acid test which, as far as I’m aware, the MAS never conducts, is just how many of those who adopt them actually stick to them for more than a year or two.

    It’s a bit like intermediaries boasting about how many regular contribution PP’s they’ve sold without disclosing how many lapse within their first two years ~ of no value whatsoever.

  5. I would imagine a sizable number will think MAS has the power in some way to wrote off debt or some other magic wand to quick fix a situation as that is what many of the financially inept believe is available to them in our current climate of excessive state dependency. I suspect “its not my fault” features in many of the conversations………….

  6. If the money advice want to justify its existence it should be highlighting the importance of qualified impartial advice fro suitable qualified advisers not Wishy washy budget planners saying “there you are!” Pat on the back and then what?

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