The Moneybox head of personal finance, shared these thoughts: 

“These proposals for Targeted Support mark a major milestone in the Advice Guidance Boundary Review — and they couldn’t come at a more critical time.

With just 9% of UK adults receiving regulated financial advice in the past year, and around 6.5 million people (12%) experiencing low financial capability, it’s clear that millions stand to benefit from better, more accessible guidance.

At Moneybox, we believe that financial confidence is the foundation for long-term wealth building. Our recent Financial Confidence Index highlights this clearly: people who feel confident managing their money are far more likely to save, invest, and plan for the future earlier in life — regardless of income. In fact, financially confident individuals report a net worth £86,000 higher on average than those who lack confidence. Our analysts have found that if we could boost confidence levels nationwide, UK personal net wealth could grow by as much as £142 billion.

That’s why these new Targeted Support proposals from the FCA and HMT are so important. They have the potential to help providers like Moneybox deliver personalised guidance at scale — empowering people to make smart financial decisions with greater confidence, throughout life..

As the Government works to foster a stronger investing culture in the UK, it must start with helping people build solid financial foundations. The FCA now needs to provide clarity on implementation, ensure appropriate safeguards, and maintain a sharp focus on helping people engage meaningfully with their long-term finances.

There’s a great deal of exciting progress underway — from Targeted Support and growing momentum behind the Pensions Dashboard, to the much-anticipated review of the UK’s ISA regime and the next phase of the Pensions Investment Review. Each of these reforms has the potential to transform how people engage with their money. But to deliver meaningful impact, they must be aligned and guided by a single, clear priority: improving financial confidence and outcomes for people across the UK.

The coming months present a rare opportunity to revolutionise the way people are supported to manage their finances and realise their full financial potential in life. If we harness this momentum we have the potential to build a truly inclusive, empowered, and financially resilient society for generations to come.”