The Money Advice Service will spend almost one third of its money advice budget on marketing as its cuts its total spend by just 1 per cent from £78.3m in 2013/14 to £77.5m in 2014/15.
In its annual business plan, published today, MAS says it is “acutely aware” of the need to demonstrate how its work benefits the financial services industry.
Last month, the National Audit Office slammed the money advice part of MAS as not value for money.
The organisation also came under fierce attack from the Treasury select sub-committee who said it is “not fit for purpose”.
Next year the MAS plans to spend £43m on money advice services and £34.5m on debt advice, compared to £43.8m and £34.5m last year.
In its money advice arm, the MAS will spend £13.5m on marketing and communications, the same as 2013/14.
This includes a range of campaigns to digital marketing which aim to encourage people to take action.
In its plan, the MAS sets outs its goal of making money “free and impartial advice” a normal and everyday part of life.
It will target younger and lower income families with tailored tools, information and advice designed to get more people saving, managing their debt better, preparing better for retirement, protecting their assets and providing for their dependants.
It aims to make young people more money savvy with new tools for school leavers and parents teaching their children about managing their finances.
The business plan states: “The MAS has a vital role to play in filling the ‘advice gap’ and enabling people to make informed decisions about everyday money management and when faced with life events. But we know that we are only one part of the solution.
“We have developed our work with stakeholders and will continue to do so to help ensure that the advice we deliver is timely, relevant and helps shape the tools and services we provide. We are grateful to partners for their contribution to the development of this business plan and their support for so many other areas of our work.”