The Money and Pensions Service (Maps) has announced 11 sector leaders to assist with its ten-year government-backed UK Strategy for Financial Wellbeing.

The selected individuals will chair challenge groups made up of leaders and specialists from across the public, private and third sectors, which will recommend plans to achieve Maps’ five national goals.

Maps, which launched its strategy in January, will provide the groups with research, insight and policy content to assist with the groups’ recommendations.

These recommendations will be reviewed by a board in the summer and delivery plans for England, Scotland, Wales and Northern Ireland will then be launched by Maps in autumn 2020.

The five national goals laid out in Maps’ strategy are improving understanding of saving for later life, increasing financial education for young people, establishing a “nation of savers”, reducing the number of people using credit to pay for food and bills, and refining debt advice.

Maps said possible 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, commented: “Transforming financial wellbeing is too big a job for any one organisation or even one sector. Our UK strategy lays down the gauntlet in terms of what the country needs to aim for and I’m delighted to see so many inspiring people ready to join us and take up the challenge.”

The list of sector leaders includes Money and Pensions Service chair, Sir Hector Sants, Legal & General Investment Management head of DC, Emma Douglas, and Maps strategy and insights director, Sara Porretta.

Porretta said: “We are looking forward to working with the challenge groups to get to the bottom of what could really work to improve financial wellbeing, whether that’s proposing innovative new solutions or building on existing initiatives so more people can benefit from them.

“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.”

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