Monday 13 February 2017
A new online tool, designed to help Universal Credit claimants with their personal finances, launches today.
Budgeting and managing money effectively is a key part of financial capability and for those claiming benefits (who will be making the transition to Universal Credit) it’s vital that they are able to make informed money decisions and manage their finances.
With this in mind, the Money Advice Service’s Online Money Manager is designed to help claimants make the transition to Universal Credit, giving them a clear set of actions and budgeting tips. It offers help and advice on a range of money topics, including opening a bank account, keeping on top of bills and dealing with debt.
All organisations that work with those likely to be claiming Universal Credit are invited to direct their clients to the tool.
Caroline Rookes, Chief Executive for the Money Advice Service, said:
“The Online Money Manager is an essential tool that will help people to plan and budget for this new way of receiving their money and paying their bills. They will be able to find personalised information about bank accounts, help with setting up direct payments to landlords, budgeting and saving money on regular bills, as well as where to go for additional support if they are struggling with financial commitments. We are pleased to be working closely with DWP to bring this tool to the people who can benefit the most.”
Employment Minister Damian Hinds said:
“Universal Credit gives people back control of their own lives and finances, and makes the transition into work much smoother. We know that this can be a big change. Our work coaches offer budgeting support to all new claimants and this new tool will help more people get all the skills they need to manage their money.”
The Online Money Manager can be accessed at http://obs.moneyadviceservice.org.uk/ and includes:
Step-by-step questions that signpost users to financial guidance and support relevant to their personal circumstances.
Hints and tips for managing money and paying bills from a monthly payment.
Sign-posting to further support, such as Advanced Payments and free debt advice.
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Notes to editors For more information about the Online Money Manager for UC claimants contact pressoffice@moneyadviceservice.org.uk or call 0207 943 0593.
About the Money Advice Service The Money Advice Service is an independent organisation. It gives free, unbiased money guidance online at moneyadviceservice.org.uk or via free phone on 0800 138 7777. Debt advice is also provided through a variety of partners across the UK.
The Service was set up by Government and is paid for by a statutory levy on the financial services industry, raised through the Financial Conduct Authority. Its statutory objectives are to enhance the understanding and knowledge of members of the public about financial matters (including the UK financial system); and to enhance the ability of members of the public to manage their own financial affairs.
