Millions of savers who struggle to put money away could be helped by the Government’s new 10 years plan, aimed at improving the nation’s personal finances.
The Money & Pensions Service (MaPS) has announced that it plans to create a nation of savers over the next decade and help people escape using credit to pay for food and bills.
It is concerned that around 11.5 million consumers currently have less than £100 in savings to fall back on if they find themselves in financial difficulties.
As part of its plan, MaPS also hopes to increase the number of children and young people receiving ‘financial education’ with the hopes of keeping more people out of debt and raise awareness about the need to save for retirement.
Caroline Siarkiewicz, acting Chief Executive at MaPS, said: “Financial wellbeing underpins personal health and happiness but it doesn’t happen by chance. We’re launching a strategy for entire lifetimes, aiming to expand financial education for children while ensuring everyone is equipped to plan for and enjoy their retirement.
“Key initiatives include increasing the availability of affordable credit, more payroll savings products and an expansion of free debt advice for when people are in crisis.
“The MaPS will be the catalyst for a financial wellbeing movement, transforming how people engage with their money and pensions.
“We have a decade to make a difference and we cannot achieve change alone, so we will be connecting companies, charities and other organisations which share our vision, to make this happen.”