Financial Wellbeing Strategy - Data Integration Solution

The Money and Pensions Service's (MaPS) UK Strategy for Financial Wellbeing sets out five Agendas for Change (AfCs) - the five ways MaPS will drive improvements in financial wellbeing at scale, working with others. Therefore MaPS wish to better understand market appetite and available capability for creating a technical data integration solution for the financial sector based on these AfCs.

This will entail combining disparate administrative and survey data sets sourced from MaPS and other organisations in the sector: a. Initially MaPS envisages storing a synthesised dataset securely and processing the indicators into a range of composite measures, denoted as the Financial Wellbeing Barometer. b. Then presenting the data via an interactive online dashboard, denoted as the Financial Wellbeing Heatmap.

This is planned as an initial 12-month R&D contract to create a Minimum Viable Product (MVP), with the following essential requirements: 1. Technical architecture capable of receiving and securely storing disparate datasets. 2. Ability to fuse datasets together, with MaPS being open to different methodologies to achieve this e.g. a segmentation typology, based on CACI's Fresco model or common geographies across multiple datasets. [NOTE: Individual Personal Data will not be processed as part of this, but higher-level summary information or characteristics will be.] 3. Process this data to create 24 indicators of Financial Wellbeing for all 4 UK nations and the 9 English regions (see Additional Text section for more details). 4. Combine these 24 indicators in to at least 5 composite measures with one composite measure for each AfC in the UK Financial Wellbeing Strategy. These are intended to provide a single summary 'how are we doing' measure for each of the AfCs. 5. Serve the data and the composite measures to MaPS's B2B partners through an interactive online data dashboard to help understand how financial wellbeing varies from place to place. 6. The technical architecture developed is required to be portable and, as such, not proprietary to any one supplier.

MaPS would therefore request that any supplier interested in participating in a potential tender for this requirement indicate this by a reply to the contact email. As part of this response, MaPS would also value any input on the following elements: - Methodologies for fusing data sets together. - Methods for producing indicators at a local regional level. - Methods for calculating the composite measures. - Different ways to serve the data and the composite measures to partners. - Potential development of the MVP over years 2 and 3. - Organisational capacity to meet these requirements.

Additional information: Please see below for details of the 24 indicators. Where possible, MaPS also want to be able to disaggregate data by age, gender, ethnicity, working status, physical disability, mental health and life events. The UK Strategy for Financial Wellbeing identifies gender and mental health as two cross-cutting themes and we are carrying out a deep review into the financial wellbeing of different ethnic groups, so these three areas (gender, mental health and ethnicity) are particularly important.

(The indicators below flagged with an * are those, in MaPS initial view, where the contractor will be responsible for sourcing the data)

Agenda for Change (AfC): Financial Foundations Proposed data indicators (PDI): Number of teachers trained and confident Number of pupils given financial education supplied through schools Number of pupils given financial education funded by financial and third sector institutions supplied through schools* Number of Children and Young People given financial wellbeing education outside of school Number of parents receiving interventions e.g. talk, learn, do*

AfC: Nation of Savers PDI: Number of employees enrolled in payroll savings schemes* Number of bank customers using a savings app/ function* Number of active savings goals* Number of people with an active incentivised savings product* Number of people moving through Standard Financial Statement using 'repay and save' and continue to save

AfC: Credit Counts PDI: Number of people accessing affordable credit* Number of people consistently making minimum repayments* Number of people using tools which support sustainable credit choices* Number of people using tools and products to smooth lumpy income and expenditure and hence reduce need for credit at those times*

AfC: Better Debt Advice PDI: Number of people aware debt advice exists, what it offers and where to go to get it Number of people who have good perceptions of debt providers and think debt advice is for them Number of people waiting over a year before seeking the debt advice they need Number of people receiving debt advice through a preferred channel Number of debt advice interventions delivered

AfC: Future Focus PDI: Number of people accepting need to take responsibility for their own retirement Number of people using a tool such as the PLSA retirement living, e-value or similar* Number of people accessing information about their existing pension pot e.g. Pensions Dashboard* Number of people using pensions or later life advice or guidance* Number of retirement age people with positive attitudes and / or behaviours