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

In October 2020 the Challenge Chairs who advise the Money and Pensions Service (MaPS) on the UK Strategy for Financial Wellbeing released recommendations on building the UK's financial wellbeing in the light of Covid-19.

This response document details how MaPS will deliver alongside others in the sector to help support and build a financial wellbeing movement from 2021 onwards.

Key recommendations

1. MaPS will target it’s efforts at those groups most adversely affected by the pandemic and will operate a programme of awareness raising, coordinated messaging and partnerships.
2. It will look to develop its ‘youth checkpoints’ programme and the NESTA ‘rapid recovery challenge fund’ to support young people with their financial wellbeing. And it will explore delivery channels including those in the workplace.
3. It will develop a ‘later-life’ checklist for those over 50 – to help people plan for later life amidst the Covid-19 pandemic.