Responsible Finance welcome the Money and Pension Service’s coherent strategy for a financially healthy nation
Responsible Finance welcomes the Money and Pension Service’s (MaPS) timely and coherent strategy for a financially healthy nation.
Responsible Finance states:
In the UK real earnings have stalled and working-age households in receipt of benefits have seen significant falls in income over the past year. At the same time, 11.5 million people have less than £100 in savings. This leaves many UK households highly vulnerable to financial shock - such as the break down of a washing machine – and taking out small loans to cover periods of increased spending with high-cost lenders can leave households heavily indebted.
Responsible finance providers are an alternative to high-cost lenders. They engage with their customers meaningfully, are flexible and empathic, and exercise forbearance when customers face difficulty repaying their loan. They also build their customers’ long-term financial wellbeing by offering savings and budgeting tools. As the voice of the responsible finance industry, we commit to working with Fair4All Finance to deliver the key outcomes of MAPS’ strategy to create a financially healthy nation by 2030.