We are pleased to announce that our CEO Sacha Romanovitch will chair two ‘Challenge Groups’ of the UK Strategy for Financial Wellbeing.
The strategy, launched by the Money and Pensions Service (MaPS) last month, aims to transform the country’s financial wellbeing over the next decade, establishing five national goals to be achieved by 2030. This includes a target to reduce the number of people often using credit for bills and everyday essentials from nine to seven million, and for more people to have access to affordable credit.
Over the coming months, the Challenge Groups will bring together leaders and specialists from across the public, private and third sectors to create bold and innovative proposals to achieve the five national goals.
Fair4All Finance will lead the Challenge Group on Credit Counts: Affordable Credit, which will set out a shared action plan with the sector on increasing provision of affordable credit. The group will consider how to deliver on outcomes identified in the sector-wide Theory of Change previously developed by Fair4All Finance in collaboration with a wide group of stakeholders.
Sacha will also chair a Challenge Group looking at how the workplace can be used to deliver financial wellbeing solutions across all five national goals. In addition to her role as CEO at Fair4All Finance, Sacha will bring her experience as co-chair of the Inclusive Economy Partnership, her former roles as CEO and People and Culture Leader at Grant Thornton and as Chair of the Patron Group of Access Accountancy.
Sacha said: “Improving access to affordable credit can help more people smooth their incomes and meet the costs of unexpected life shocks, as well as save them hundreds or thousands of pounds a year compared to current options available to them. Given Fair4All Finance’s work on scaling up affordable credit, we are delighted to be leading this part of the UK Strategy for Financial Wellbeing.
I am also excited to be chairing a Challenge Group on the role of the workplace. Employers are uniquely placed to provide financial wellbeing support at critical milestones in a person’s working life. Many employers are already doing great work in this area and if we can engage employers more widely on the importance of these issues and provide them with the tools and products they need to support their colleagues, we have the potential to improve the financial wellbeing of millions of people across the UK.