General Insurance Article - PIMFA welcomes plans for financial wellbeing and education

PIMFA welcomes the government-backed Money and Pensions Service (MAPS)’s campaign to transform ‘national financial wellbeing’ for millions of consumers, through education and savings campaigns, within the next decade.

 As a fellow advocate for this important area, PIMFA also launched the industry-wide ‘Financial Journeys Campaign’, supported by MAPS, to help highlight the importance and link between financial and mental wellbeing in November 2019. PIMFA aims to work in collaboration across the industry to raise awareness and fight the stigma around mental health when discussing and managing money and welcome further campaigning across the industry to heighten awareness and improve financial education.

 The MAPS key strategy areas for their Financial Wellbeing campaign include helping children and young people to get a ‘meaningful financial education’, encourage 16.7m working age people to save regularly, reduce the number of people using credit cards, alongside facilitation of better debt advice and assistance with financial planning.
 In support of this, the PIMFA Financial Journeys Campaign also encourages better financial education and highlights the value of receiving advice from qualified financial professionals, to ensure that people have a better understanding of their finances and are empowered to make important decisions about their personal financial futures.

 PIMFA CEO Liz Field said: “We welcome MAPS Financial Wellbeing Campaign and its focus on financial education, saving and the value of advice. Financial education, guidance and advice should be complementary and the role of MAPS is very important in ensuring that individuals are provided with both the right tools and understanding of how to use them to plan for their future. We remain strongly in favour of a joined up financial education strategy, supported by government, that will help ensure that generations to come are able to make good decisions or at least understand what decisions they need to make.”

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