The new organisation, which officially launched today, was described as “a joined-up service for everything from debt help to money and pensions guidance”.
The organisation will focus on improving financial wellbeing throughout people’s lifetimes, equipping, empowering and enabling individuals to make informed financial decisions with confidence.
Sponsored by the Department for Work and Pensions, the Government-backed organisation, formerly known as the Single Financial Guidance Body (SFGB), wants to tackle complex financial wellbeing challenges faced by people in the UK.
The Money and Pensions Service revealed it is to undertake “a UK-wide programme of listening events”.
Between today and the end of June, it is hoped the process will serve as an opportunity to discuss views on “everything from pocket money to pensions, and help create the new National Strategy for Money and Pensions, as well as the organisation’s three-year corporate plan”.
The listening events will include stakeholder roadshows in 10 locations across the UK.
John Govett, chief executive at the Money and Pensions Service, said: “Improving the UK’s financial wellbeing is only possible through collective action, and engaging a wide community of organisations and businesses for their views is the first step.
“It is crucial that anyone who has an interest in improving people’s ability to manage their money and pensions is able to contribute to the conversation about what’s needed.”
Sir Hector Sants, chair of the Money and Pensions Service, said: “Our vision is to create a society where everyone is making the most of their money and pensions.
“To do this, we need to change the relationship we have with money.
“Making financial decisions is not unlike shopping at the supermarket – consumers are confronted with many options and must decide what is the best choice for them based on what they need, on price and quality.
“There has been a lot of great work over the past few years to enable people to make more informed food choices; it’s time to think about financial wellbeing through a similar lens.
“With 47% of adults saying they do not feel confident about making decisions about financial products and services, its essential people feel empowered to engage more regularly and more confidently with their money and pensions, so they can enjoy greater financial wellbeing throughout their lifetimes.”
Guy Opperman MP, Minister for Pensions and Financial Inclusion said: “The Money and Pensions Service will be there for those most in need as well as helping today’s younger generations to become the savvy savers of tomorrow.
“It will play a vital role too in the creation of ground-breaking pensions dashboards which will bring pensions into the 21st Century.”