Millions of lives will be improved by 10-year plan, says Money and Pensions service

The government is promising to turn Britain into a nation of savers by 2030 and cut the number of households relying on credit cards for day-to-day spending by launching an ambitious financial wellbeing programme.

In an alarming summary of the state of Britain’s household finances, the Money and Pensions Service (MaPS), a government agency, said 11.5 million people have less than £100 in savings to fall back on, while nine million said they often use credit cards and payday loans to meet essential weekly food and energy bills.

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