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Money Advice Service calls for evidence to help form new five-year strategy

Money Advice Service

The Money Advice Service is calling for firms, individuals and charities to provide evidence of projects and initiatives that have successfully improved people’s finances to help form its new five-year strategy.

In the next 10 weeks, the MAS will hold a series of events across the UK to collect evidence as part of a major study into financial well-being in the UK.

Before the call for evidence closes on 26 July, the MAS will publish a survey into the financial literacy of the UK population that will track progress since a similar survey was last published by the FSA in 2006.

After the evidence has been collected MAS will draw up a draft strategy in collaboration with consumer groups, financial services firms and the Government. 

A full consultation will be launched in autumn and a final strategy will be published in April 2014.

MAS chief executive Caroline Rookes says: “Today’s call for evidence signals the start of a major milestone for everyone with an interest in financial capability. Gathering a wide selection of views and insights will take us one step nearer understanding how we can best help people manage their money, and improve the UK’s financial wellbeing.

“The final strategy, which we’ll develop in collaboration with a wide range of partners across the UK, will help us take a major step forward to improve the financial health and well-being of the nation. It’s badly needed at a time of economic uncertainty and squeezed incomes.”

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Hudson Green & Associates director Ian Hudson says: “Asking for evidence is an excellent thing to do because if MAS wants to do something about financial literacy then it needs the research to make the right judgements.”

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