Report: Building the UK’s financial wellbeing in the light of Covid-19

A new independent report, which contains 13 recommendations to address the urgent financial wellbeing implications of the COVID-19 pandemic, has been released by the Challenge Chairs who advise the Money and Pensions Service (MaPS) on the UK Strategy for Financial Wellbeing.

The recommendations have four themes:

1. Seizing the moments that matter in people’s lives– focussed on a programme of immediate awareness raising for groups especially affected by the COVID crisis, and then testing and learning from its approach for a future medium and long-term campaign.
2. Supporting the vulnerable – helpingthe specific disadvantaged groups whose circumstances have been amplified by the COVID crisis.
3. Credit and debt– credit is a lifeline for financial wellbeing, but if it mounts too much, over-indebtedness can become a difficult consequence.
4. Recommendations for government– there are excellent initiatives already in place and the report recommends continuing, expanding and speeding up this good work.

In this report, the Chairs have made recommendations for MaPS, government, businesses, the financial services and third sectors to work together to take action in order to help lessen the continuing impact of the crisis. They also highlight the impact of COVID-19 on some Black, Asian and Minority Ethnic communities, whose financial wellbeing has been particularly affected.

file:///C:/Users/dawnl/Downloads/Report-Building-UK-financial-wellbeing-in-light-of-Covid-19.pdf