Briefing on Financial Health Service
The Scottish Government introduced the Bankruptcy and Debt Advice (Scotland) Bill in June 2013, which introduced measures to help those people in Scotland who are struggling under the burden of debt. The Bill was passed on 20 March 2014 and became an Act at the end of April, providing a framework on which to build Scotland’s Financial Health Service. The Act will come into force in April 2015.
The financial health service will bring together different strands and sources of information and advice, so that anybody with a concern or an issue to do with debt or borrowing can find, in one place, the help and assistance that they need.
Financial education is a key part of the financial health service. The Scottish Government is working in partnership with Money Advice Scotland and the Money Advice Service to develop a financial education module to help individuals develop their financial capability skills and maximise their income. The module includes information on budgeting, financial planning, saving, borrowing, tax and welfare benefits and will be hosted on the Financial Health Service website. The module is currently being piloted and will be available for all later this year. The Scottish Government has awarded £200,000 to Money Advice Scotland to support the roll out of financial education.
Scotland’s Financial Health Service website was launched November 2014.