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Money Advice ServiceThe way forward
Allison Barnes & Colin Kinloch
Thursday 28 JuneMoney Advice Scotland Conference
Ready for JulyAll current tools, calculators and planners plus:
• C. 650 action-orientated articles
•More comparison tables
•C. 30 template letters/documents
•New tools including ‘Summer 2012 budget planner’ (May), savvy mover (June) and Auto-enrolment
•Revised ‘Health check’
•Action plans
•Personalisation
•Commenting
•Web chat
•Email alerts
2
In plan for 2012/13
• Offline versions of all tools
• More on Auto-enrolment
• Pilots of Universal credit
• Isa (and other) alert tool
• Extension of comparison tables
• Other tools
3
Medium term plans
• Impact UK financial capability
• Drive awareness of benefit of managing your money
• Build customer engagement - 11 million users each year
• Drive action, getting (closer) to the point of purchase
• Play major part in the government change initiatives e.g. Auto Enrolment, Universal Credit, Simple Products
• Align Money Advice, Debt Advice and Financial Education
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Online research community
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• New online RESEARCH community being established.
• Cross-section of customers:
different life-stages
attitudinal segments,
range of financial experiences
across 4 countries
• Enable quick and cost-effective feedback on our service and key money issues through surveys, discussions, and co-invention.
• Currently testing the new website with customers.
Financial education of young people
Review of financial education of young people funded by industry:
• Map the landscape
• Identify evidence of impact, UK and worldwide
• Identify learning's from other areas that can be applied, e.g. health/sex
Emerging insights
• Lack of robust evidence - urgent need for Key Performance Indicators
• Attitudes are formed early (5-12) – need to engage this age group
• Interventions within a broader family framework have the potential for long-term behaviour change – align financial education of young people with adult money advice
Source: Mapping: Primary research by Money Advice Service, Dec 11 / Mar 12
Literature review: Ci research on behalf of Money Advice Service, Conducted Dec 11 / Mar 12.
Financial capability
• Desire to build on the skills/knowledge-based FSA Baseline survey, also exploring attitudes, emotions, motivations and behaviour in real lives.
• Commissioned a significant ethnographic research program with Ipsos-MORI.
• Following 72 families and how money fits into their lives over a year. Boosted by interviews with individuals experiencing life trigger events (e.g. redundancy, new baby).
• Quantifying in March 2013 to provide a new baseline of financial capability.
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Financial capability
• Outputs will include:
• refined definition of financial capability
• better understanding of the determining factors
• interventions affecting capability.
• Deliverables will include searchable film database, as well as the usual reports.
• Want to engage stakeholders now to help guide the research.
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UK Financial Capability Strategy
• Asked by Westminster HMT to develop new UK financial Capability Strategy
• Currently reviewing the ‘rest of the worlds’
• Will engage with policy units of each government and regulator to prepare first draft for discussion
• Will then seek inputs through consultation process (to be defined)
UK Financial Capability Strategy
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Financial Education of Young People
Specific Debt Advice
Generic Money Advice
Navigable landscape
11
The Debt Advice Coordination
Plan
Research overview
Funding d
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13
Overarching principles
We will develop a new model from the point of view of people in need, not the process of delivery; one which
• has Reach and Accessibility
• is Simple to understand• encourages Self-help whenever practical and
• Addresses gaps in delivery (without displacing or substituting for existing funding arrangements)
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Funding in Scotland
We are providing funding to increase advice and support advice
infrastructure in Scotland
Scottish Legal Aid Board grant funding being put in place (£2.2m)
and open for applications
Agreements being put in place (£500k) with Money Advice
Scotland, Accountant in Bankruptcy & Improvement Service
Reducing Demand
15
Financial Education of Young People
Specific Debt Advice
Generic Money Advice
Navigable landscape