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MAS helps millions make sense of money matters

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  • 08/11/2013
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MAS helps millions make sense of money matters
More than 6.3m people contacted the Money Advice Service (MAS) between April and September, suggesting demand among the public for generic financial advice.

The industry-funded MAS is controversial among financial advisers, who argue people should talk to a qualified financial professional if they are looking for money advice.

However many of the people MAS is aimed at helping fall below the threshold of most adviser’s services.

Research published by the service in August suggested half of UK adults struggle to keep up with their bills and credit commitments, up from one in three in 2006.

Some 52% of the 5,000 people surveyed said they were struggling compared to 35% seven years ago.

It is these people MAS is trying to target with its generic advice, as well as people who are simply looking for more information about money matters.

More than 3.7m customers contacted MAS between July to September, with 58,000 of the site’s Budget Planners completed.

During the same period, partners in England and Wales funded by the MAS provided debt advice sessions to 42,000 people, bring the total since April to 86,000.

The service aims to encourage people to take five basic steps in money management; managing debt, saving regularly, saving for retirement, protecting assets and making provision for dependents.

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