The Money and Pensions Service (Maps) has said that it is refocusing its financial wellbeing campaigning activity to help those most in need of guidance and support due to Covid-19.

In its response to the Challenge Chairs’ Building the UK’s financial wellbeing in the light of Covid-19 report, which was commissioned by Maps, the organisation detailed how it would facilitate the recommended changes outlined.

Maps acknowledged that it had “an important role to play” in enacting the recommendations and said it is already taking forward aspects of “many” of the proposals.

The organisation stated it was refocusing campaign activity to the audiences highlighted in the report, it would build on its programme for supporting young people, and share and build on evaluation data from Scotland, Wales and Northern Ireland.

It will also collate relevant content for a ‘later-life checklist’ digital resource and explore distribution channels for it in 2021/22, to help over-50s plan for later life amid the pandemic.

“When the Covid-19 crisis first gripped the UK, Maps was acutely aware that there would be a significant and adverse impact on people’s financial wellbeing,” commented Maps chair, Sir Hector Sants.

"It became clear that a pivot of the existing programme of work for the UK strategy was required alongside other measures we took to maintain sufficient guidance support for those in direct need of our services.

“The work of the independent chairs on the ‘Building financial wellbeing in the light of Covid-19’ report serves as an important contribution to our wider UK strategy work.

“The 13 recommendations produced by the chairs will be considered in greater detail as the Maps 2021/22 Corporate Plan is developed, taking into account the government’s Comprehensive Spending Review and the priorities it sets.”

The report also detailed several other recommendations for alternative financial and governmental bodies, which Maps voiced its support for, including the promotion of ‘Help to Save’ and vulnerability strategies for finance firms.

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