Money Advice Service

Lee Phillips

Thursday 30th May 2012Hard times ahead – meeting the challenge of poverty in 21st century Wales

What we do

Face to face Phone Online In partnership

Motivating action

Life event: retiring

Attitude: coping; fairly organised; live for today

Life event: having a baby

Attitude: stressed; disorganised; decisions difficult

MINDSPACE

Divorce or separation

Marriage

Moving in together

Having a babyRetirement

Redundancy

Bereavement

Life Events

Six money mindsets

Stressed; disorganised; decisions difficult (13%)

Unworried; disorganised

live for today (10%)

Coping; fairly organised; live for today (15%)

Confident; enjoys being organised;prepared to take risks (26%)

Unworried; fairly organised; no risks (19%)

Not confident; not prepared to take risks; unsure who to

trust for help (17%)

Messenger Who is telling me this?

Incentives Do I lose anything?

Norms What are people like me doing?

Defaults We like to go with the flow

Salience Is it relevant to me?

Priming Does it feel instinctively right?

Affect How does it make me feel?

Commitments Am I being true to my word?

Ego Does this make me feel better about myself?

MINDSPACE

Debt advice: Overarching principles

We are developing a new model from the point of view of people in need, not the process of delivery; one which

• has Reach and Accessibility• is Simple to understand• encourages Self-help whenever

practical and• Addresses gaps in delivery

(without displacing or substituting for existing funding arrangements)

Tools and Calculators

lee.phillips@moneyadviceservice.org.uk

Credcer Credit Unionwww.credcer.co.uk admin@credcer.co.uk

01239 621408

Cris Tomos : Vice Chair 07974 099738