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New Money Advice Service project launched

06 February 2017

Money icon, age cymru swansea bay new money advice service project

We are delighted to announced that we have secured funding from the Money Advice Service’s What Works Fund.

 

The Money Advice Service recently announced funding for 26 projects across the UK designed to help tens of thousands of people manage their money better.

 

Research shows that four out of ten adults are not in control of their finances and around 16.8 million working age people have less than £100 in savings. However, very little evidence currently exists on the best way to address this issue. 

 

Our project will support people aged 65+ to help them plan for the future with confidence. Our dedicated Financial Capability Officer will help with advice and information on lasting power of attorneys; help individuals understand how to use online financial services; and, provide advice and information on how to avoid being scammed.

 

Evidence on the effectiveness of our approach will provide the What Works Fund with an evidence base, allowing policy-makers and funding bodies to better understand which interventions best help people to manage their money.

 

David Haigh, Director of Financial Capability at the Money Advice Service commented:

 

“This is the first time that we have funded projects to gain evidence about how best to help people with their money.


“Evidence will be gained from a range of approaches, from large-scale digital projects that engage with people online, through to one-on-one interventions which guide people through a step-by-step process to help them keep on top of their finances. The projects will help individuals to budget, saving regularly, handle their finances online, manage their credit and build their numeracy skills.”


“We know that millions of people across the country are one unexpected bill away from seeing their finances spiral out of control – and for those who are already vulnerable, that risk is exacerbated. We want to build evidence on how we can get these people to engage with their financial situation and avoid them ending up in problem debt or with other financial difficulties”.

 

Nicola Russell-Brooks, CEO of Age Cymru Swansea Bay, added:

 

“We are delighted to have been given the opportunity to deliver a Money Advice Service project aimed at helping people over the age of 65 in Swansea.  


We are looking forward to finding out what barriers people face when they want to take action to develop their financial capability, and to directly supporting people to create a lasting power of attorney; to limit their risk of being scammed; and, to help them learn how to safely use online financial services.  


If anyone would like to benefit from this project, please get in touch. You can contact us on 01792 64 88 66 or by email at enquiries@agecymruswanseabay.org.uk.”