Nearly three-quarters (71 per cent) of people who had a call with MoneyHelper on its Pension Guidance helpline felt more confident in spotting and managing potential financial scams, the Money and Pensions Service (Maps) has revealed.

Its study of those using its services found that the majority said they had to the tools with potential financial crimes and scams.

More than eight in 10 (83 per cent) of people who had telephone appointments with Maps’ Pensions Guidance service felt more in control of their financial situation.

After using the service, 69 per cent stated they were thinking about or had already acted around their pension, while 87 per cent would recommend the service.

Maps said it was “vital” that people felt well equipped to dealing with scams, which can have a “devastating impact” on people’s financial wellbeing.

Its figures from the 2023/24 financial year showed that from the 833 people who contacted the service, a total of around £13.6m was lost due to financial crimes and scams, an estimated loss of £16,297 per person.

Criminals targeting people’s finances through identity theft were responsible for 16 per cent of incidents, followed by bank account scams (14 per cent), cyber security investment fraud (14 per cent), and authorised push payment fraud (9 per cent).

“It’s wonderful to see the real difference that our pension guidance can have on people’s lives,” commented Maps head of guidance services, Charlotte Jackson.

“Sadly, financial crimes and scams are rife and it’s awful to see so much money being lost, but hopefully our appointments can give people more security and understanding when it comes to dealing with them in the future.”

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