The Money and Pensions Service (MaPS) funded debt advice impact report is its first publication dedicated to detailing the work and impact of MaPS-funded debt advice services.
This report is MaPS’ response to feedback received during the consultation exercise it carried out in early 2024. In this, stakeholders encouraged MaPS to do more to clarify how the services it funds operate, the impact they have on people in debt, and the wider value they create for funders, stakeholders, and society as a whole.
The report focuses on the work of the organisations MaPS funded during 2023/24, and aims to highlight both the tangible and transformative effects that debt advice services have on people facing financial hardship, particularly those in vulnerable circumstances.
The report highlighted that MaPS-funded services not only provide essential advice and support but also create lasting positive change in people’s lives by fostering financial resilience and wellbeing. Key findings include:
- 623,466 – the total number of clients seen across all services from 1 April 2023 to 31 March 2024
- 87% of people who received MaPS-funded debt advice said they would recommend the service to someone in a similar situation
- 75% of people who received MaPS-funded debt advice are now checking their incomings, outgoings and bank balance to help them stick to their budget
- 65% of people who received MaPS-funded debt advice said they now worry less about their debts or financial difficulties while 52% said their mental health had improved after getting advice
- In 2023/24 MaPS funded services reported that people accessing debt advice gained an estimated £48 million of extra income.