Press release: Money Advice Service publishes 2017/18 Annual Report as 10.5 million people seek money guidance

Thursday 19 July 2018

The Money Advice Service today published its 2017/18 Annual Report and Accounts, highlighting the different ways the organisation has helped people make the most of their money over the past financial year.

Key highlights include:

· Directly providing money guidance to 10.5 million people, including 3.8 million from the financially squeezed and struggling segments

· Helping over 487,000 people through MAS-funded free debt advice services, with 93% of customers (where they agreed with an adviser to do so) going on to take action

· Ensuring more than 750 partners linked to our online content and tools in 2017/18

· Directly supporting 65 projects to investigate the best ways of enhancing financial capability through our £11 million What Works Fund

· Working with more than 90 experts to generate 240 new ideas to tackle the challenges facing people across the UK in our Financial Capability Lab

· Funding £43.1 million of front-line debt advice in 2017/18

· Invoicing levy payers £7.9m less than the expenditure budget, to reduce our reserves in advance of transitioning to the new SFGB

This is the Money Advice Service’s final annual report before the organisation becomes part of the Single Financial Guidance Body (SFGB) later this year.

Andy Briscoe, Chairman of the Money Advice Service said:

“All of this progress could not have been delivered without our partners and our staff, and their commitment to improving financial capability across the UK. Together we have helped millions of people to take control of their money, and so to lead happier lives. It is wonderful that this important work will be continued and developed by the SFGB.

“All those involved with these achievements deserve to feel proud of their contribution. However, I know they also appreciate that there is still so much to be done. The need for our services has never been greater, which is why we are delighted that the SFGB will be taking forward our vital work.”

Charles Counsell, Chief Executive of the Money Advice service said:

“This may be the last year for the Money Advice Service, but this report shows we are certainly not slowing down as we reach the finish line. A key achievement this year is helping almost half a million people receive high-quality debt advice: a transformation, not just in people’s finances, but in their health, their state of mind and their quality of life.

“Our focus for the coming year is to maintain momentum and to continue to deliver high-quality services for members of the public while working on a smooth and successful transition to the new SFGB. I believe the work the Money Advice Service has done has built strong foundations for the new body to provide free and impartial guidance, from pocket money to pensions, and to continue to transform financial capability across the UK.”

ENDS

Notes to Editors:

· Click here to see the full report

· For media enquiries contact: Ione Gyamfi on 0207 943 0593 or pressoffice@moneyadviceservice.org.uk

About the Money Advice Service

The Money Advice Service is an independent organisation. It gives free, unbiased money advice online at moneyadviceservice.org.uk, over the phone on 0300 500 5000, and face-to-face right across the UK. The Service was set up by Government and is paid for by a statutory levy on the financial services industry, raised through the Financial Conduct Authority. Its statutory objectives are to enhance the understanding and knowledge of members of the public about financial matters (including the UK financial system); and to enhance the ability of members of the public to manage their own financial affairs.