Posted on by Tolu Akisanya

Press Release

PIMFA Welcomes Plans for Financial Wellbeing and Financial Education

Friday 24th January 2020

 

PIMFA – the UK’s trade body for the personal investment services and financial advice profession – today welcomes the government-backed Money and Pensions Service (MAPS)’s campaign to transform ‘national financial wellbeing’ for millions of consumers, through education and savings campaigns, within the next decade.

As a fellow advocate for this important area, PIMFA also launched the industry-wide ‘Financial Journeys Campaign’, supported by MAPS, to help highlight the importance and link between financial and mental wellbeing in November 2019. PIMFA aims to work in collaboration across the industry to raise awareness and fight the stigma around mental health when discussing and managing money and welcome further campaigning across the industry to heighten awareness and improve financial education.

The MAPS key strategy areas for their Financial Wellbeing campaign include helping children and young people to get a ‘meaningful financial education’, encourage 16.7m working age people to save regularly, reduce the number of people using credit cards, alongside facilitation of better debt advice and assistance with financial planning.

In support of this, the PIMFA Financial Journeys Campaign also encourages better financial education and highlights the value of receiving advice from qualified financial professionals, to ensure that people have a better understanding of their finances and are empowered to make important decisions about their personal financial futures.

PIMFA CEO Liz Field said:

“We welcome MAPS Financial Wellbeing Campaign and its focus on financial education, saving and the value of advice. Financial education, guidance and advice should be complementary and the role of MAPS is very important in ensuring that individuals are provided with both the right tools and understanding of how to use them to plan for their future. We remain strongly in favour of a joined up financial education strategy, supported by government, that will help ensure that generations to come are able to make good decisions or at least understand what decisions they need to make.”

 

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Notes for Editors

The PIMFA Financial Journeys Campaign

The PIMFA microsite can be found at https://journeys.pimfa.uk to access and share a variety of case studies, infographics, information and tools and download the partner pack here.

Further information can also be found on social media and the campaign hashtags: #MyFinancialJourney and #FinancialJourneys.

 

About PIMFA – the Personal Investment Management & Financial Advice Association

 

  • PIMFA is the leading trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
  • PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies. Associate members provide professional services to the PIMFA community.
  • PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena.  Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
  • PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
  • Further information can be found at www.pimfa.co.uk
  • To become a member of PIMFA for access to training, benefits and discounts, please visit https://www.pimfa.co.uk/become-a-member or contact us directly at membership@pimfa.co.uk

 

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