MAPS, the government-backed consumer personal finance guidance service, is to launch a single unified brand for consumers this summer called MoneyHelper.
MAPS (the Money and Pensions Service) says MoneyHelper will replace its ‘legacy’ brands: Money Advice Service, The Pensions Advisory Service and Pension Wise.
MAPS was originally launched to bring together the three different government-backed money guidance services but they have so far operated under different brands until now.
The new consumer brand will be launched this summer.
MAPS says MoneyHelper will provide a ‘single destination’ giving money and pensions guidance over the phone, online and, in due course, face to face.
The body says the pandemic has highlighted the critical importance of financial wellbeing and it believes many people willl need “clear, accessible support” in the coming months.
It points out that even before the pandemic:
- 9m people were over-indebted, often borrowing to buy food or pay bills
- 11.5m had less than £100 in savings
- 22m said they don’t know enough to plan for retirement
In recent research MAPS found that some 60% of people say the Covid-19 pandemic has added to their financial concerns.
Pension Wise, which provides guidance for people aged 50 and over about their pension options, will continue as a named service under the MoneyHelper umbrella.
Money and pensions guidance and free debt advice will continue to offer support to customers under the new MoneyHelper brand. Following a review of the information, tools and content on the legacy services websites, the majority will move to a new home on the MoneyHelper website.
Caroline Siarkiewicz, chief executive of MAPS said: “The new single brand will allow MAPS greater efficiencies so our efforts can be better focussed on delivering for people across the UK. It will also make it easier for our growing network of partners to refer people to our services, information and tools, and help to improve the UK’s financial and overall wellbeing.”
MoneyHelper was developed following user testing among MAPS audiences.