1. Money Advice Service The way forward Allison Barnes & Colin Kinloch Thursday 28 June Money Advice Scotland Conference

2. Ready for July All 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

3. 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

4. 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 4

5. Online research community 5 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.

6. 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.

7. 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. 7

8. 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. 8

9. 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)

10. ESTABLISHING A BASE General skills and information Establishing positive attitudes to money DRIVING INFORMED ACTIONS Specific skills and information Reinforcing attitudes Driving positive action GETTING BACK ON TRACK Specific skills and information Changing attitudes Ensuring corrective action UK Financial Capability Strategy 10 Financial Education of Young People Specific Debt Advice Generic Money Advice Navigable landscape

11. 11 The Debt Advice Coordination Plan

12. Research overview Funding debt advice in the UK – A proposed model User needs from debt advice: individual and stakeholder views Debt advice in the UK A better deal for everyone

13. 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)

14. 14 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

15. ESTABLISHING A BASE General Skills and information Positive attitude to money management DRIVING INFORMED ACTIONS Specific skills and information Reinforcing attitudes and positive action GETTING BACK ON TRACK Specific skills and info Addressing negative attitudes Corrective Action Reducing Demand 15 Financial Education of Young People Specific Debt Advice Generic Money Advice Navigable landscape

16. Allison.barnes@moneyadviceservice.org.uk Colin.kinloch@moneyadviceservice.org.uk