The document discusses poverty in Wales and the services provided by Money Advice Service to help people with financial issues. Money Advice Service provides face-to-face, phone, online, and partnership advice on topics like debt, money mindsets, and tools/calculators. They are developing a new model of advice that has reach, accessibility, simplicity, self-help, and addresses gaps in existing delivery without disrupting current funding. Contact information is provided for Money Advice Service and Credcer Credit Union.

1. Money Advice Service
Lee Phillips
Thursday 30th May 2012
Hard times ahead – meeting the challenge of poverty in 21st century Wales

2. What we do
 Face to face
 Phone
 Online
 In partnership

3. Motivating action
MINDSPACE

4. Life Events
Divorce or
separation
Bereavement Marriage
Redundancy Moving in
together
Having a
Retirement
baby

5. Six money mindsets
Stressed; disorganised;
Unworried; fairly organised;
decisions difficult (13%)
no risks (19%)
Unworried;
disorganised
live for today
(10%)
Not confident;
not prepared to take
risks; unsure who to
trust for help (17%) Coping;
fairly organised;
live for today (15%)
Confident; enjoys being organised;
prepared to take risks (26%)

6. MINDSPACE
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?

7. 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)

8. Tools and Calculators

9. Credcer Credit Union
www.credcer.co.uk admin@credcer.co.uk
01239 621408
Cris Tomos : Vice Chair 07974 099738
lee.phillips@moneyadviceservice.org.uk