The Money and Pensions Service (Maps) has named 12 sector leaders as challenge group chairs to spearhead its newly launched strategy for financial wellbeing.
The national strategy aims to improve the UK’s financial wellbeing within ten years by getting an additional two million people to regularly save.
Maps has set five “agendas for change” and priority areas that it will work with partner organisations to deliver, in order to help people make the most of their money and pensions. These will be overseen by the challenge groups of specialists from across the public private and third sectors.
Legal & General Investment Management head of defined contribution Emma Douglas and Mind chief executive Paul Farmer are among the executives who will lead “challenge groups” within the initiative.
Also named as chairs are UK Finance managing director of personal finance Eric Leenders, Capital Credit Union chief executive Marlene Shiels, and Ipsos Mori chief executive Ben Page.
Scottish Widows workplace savings and distribution director Jackie Leiper and Fair4AllFinance chief executive Sacha Romanovitch will also lead challenge groups, along with UK Youth chief executive Ndidi Okezie, and Centre for Ageing Better chairwoman Dame Carol Black.
Maps strategy and insight director Sarah Poretta and chairman Sir Hector Sants round out the appointments.
Maps said: “The challenge groups will be tasked with creating bold and innovative proposals to address financial wellbeing issues across the four nations of the UK over the next decade. Starting points could include expanding existing financial education programmes, increasing the take up of payroll savings by employers, and tackling the availability of affordable credit products.”
Maps chief executive Caroline Siarkiewicz – who was confirmed as head of the government-sponsored organisation last month – said the strategy “lays down the gauntlet” for necessary steps forward in the promotion of financial wellbeing.
“Transforming financial wellbeing is too big a job for any one organisation or even one sector,” she said.
“[But] I’m delighted to see so many inspiring people ready to join us and take up the challenge. These challenge chairs are leading by example and, on behalf of their organisations, setting the scene for many more across the UK to support the delivery plans to make a difference to financial wellbeing over the next decade.”
Poretta added: “We are unashamedly ambitious and, by working together, we can give millions of people across the UK the confidence and empowerment to pay their bills today, deal with the unexpected, and get on track for a healthy financial future.”