Following the MaPS to financial wellbeing

just map.jpg
If you’ve read any of Boring Money’s back catalogue of tips and advice, you’ll no doubt have come across links to all sorts of excellent resources from the Money Advice Service. So you might be slightly surprised to hear it soon will be no more…
Panic not, though! It’s being replaced by the Money and Pensions Service (MaPS), which officially launched yesterday.
The new body, which merges the Money Advice Service, The Pensions Advisory Service and Pension Wise into a single organisation, has been tasked by Parliament to create:
a society where everybody makes the most of their money and pensions

Great political speak. But what does it really mean?

Well, the service was created to be a single resource for education and guidance around money. Offering information and support via its website, phones and face-to-face meetings, a major objective is to help more people who are vulnerable and need advice around ‘money problems’. 
However, Sir Hector Sants, the Chair of the new service, stressed that pushing the importance of financial wellbeing and helping people with guidance that can stave off financial crises is also a major goal for the new body. 
Historically, shame and a lack of access to help have been key problems. According to John Govett, Chief Executive of MaPS, 8.3 million people in the UK are over-indebted, 11.5 million have less than £100 in savings to fall back on, while 22 million working-age people say they don’t know enough about retirement planning. 

Tackling the problems face-on

To make a dent in the problems listed by Govett, the Money and Pensions Service will be offering tons of free, personal ‘customer guidance sessions’ every year – in person or over the phone – including:
  • 290,000 pensions guidance sessions
  • 205,000 pensions freedoms sessions
  • 560,000 debt management sessions
  • 170,000 money guidance sessions
So it’s not just reading material. You’ll be able to get real, personal help and learn in the ways that suit you best. 

It's time to put money where our mouths are

One of the main hopes of the service is to help destigmatise talking about money – in the same way discussing mental health has become an accepted norm. And to ensure people have the necessary support to empower themselves when it comes to their finances. 
The service will be running a Talk Money Talk Pensions Week initiative in November. Look out for more information later this year! We’ll also link up to the best tools on offer from MaPS as they emerge. 
In the meantime, all the retirement planning tools, tax and mortgage calculators and other resources you know and love will still be available through Money Advice Service. And we’re always happy to answer your questions too.

What's next?

Join the thousands of people who get our weekly musings on money, great products, top tips and a dollop of opinion.

Sign up to Holly's Blog

Want to know more?

calendar wars.jpg

Why does the new tax year start in April? Ask the pope...

Bit of a random date, the 6th April. Bit of a random story behind it too. From angels and popes to Romans and Euro-sceptics, this tale across time is not what you'd expect... Pass the popcorn!

Why does the new tax year start in April? Ask the pope...

spyro millennial pension.jpg

Millennials, your pension craves attention! Here's how to get started

You're probably tired of hearing how screwed millennial finances are. We already know – we live it every day! So this time, how about some practical advice instead? Let's talk pensions.

Millennials, your pension craves attention! Here's how to get started

Learn the Tribal Way

What have other people been doing? Learn from their experiences.

You may think the stock market is risky. But you know how important it is to save and are fed up with getting pennies in interest every year. Overcome your suspicion and see what investing is really like.

Suspicious Savers


No Comments Yet

Leave Comment

Related Questions

Got a Question?

Sign up for Holly's blog

Stay up to date

Our free weekly blog with Holly's
no-nonsense opinions, tips & food for thought.
If you change your mind, you can unsubscribe at any time. We'll never share your details and you can unsubscribe any time.