The Money Advice Service (MAS) has put an increased emphasis on 'budgeting' in its Business Plan 2013/14 released today.
The service has set a new target to help 400,000 people make a budget plan during 2013/14.
The move reflects feedback received during a consultation period after a preliminary business plan was sent out in December 2013.
The consultation received 30 written responses many of which recommended an increased focus on budgeting and reviewing money.
In line with this focus, the organisation has also added an intermediate outcome of ‘regularly reviewing your money', to incorporate budgeting on small incomes, reviewing savings, and ensuring pensions savings are adequate for retirement.
In the business plan's executive summary, the MAS said it has prioritised younger adults and lower to middle income families for money advice.
The new business plan also puts greater emphasis on working with stakeholders and says that the body will introduce a new 'UK strategy for financial capability' based on research and stakeholder insight and how all parties involved can contribute to financial understanding, resilience and wellbeing.
Proposals regarding changes to the way the MAS is funded proposed by the FSA last are still under consideration and the FSA is expected to report on these in April.
The changes would see adviser contributions reduced by 94% on last year.
The MAS said the original funding method did not reflect how consumers use its services.
The targeted 480,000 specific money management outcomes also remains in place.
