The Money and Pensions Service (MAPS) has published details of how it plans to spend the additional £38m funding announced by the Treasury last week to support people hit financially by the Coronavirus pandemic.

MAPS said it will use the additional £38m to adapt the guidance and support available to help consumers understand and work through the impacts of Covid-19 on their money and pensions.

The body expects many people to struggle financially with the impact of Covid-19 and will offer guidance and support.

MAPS also said that this financial year it will help develop and implement Pensions Dashboards - a long-awaited industry initiative - but did not give more detail on when this would be achieved or what they expect them to look like.

The consumer financial guidance body also published its belated corporate plan today. It was due to be delivered in April but was delayed to include additional support measures as a result of the Coronavirus pandemic.

It will also engage with partners and stakeholders to create a coordinated response to support people impacted by the pandemic, both immediately and in the longer term.

Caroline Siarkiewicz, chief executive at the Money and Pensions Service, said: “The importance of transforming financial wellbeing across the UK has been forcefully brought home by events of the past few months.

"Covid-19 is a health emergency which will have a long-lasting impact on the finances of many, and it will impact some even more harshly than others. We already know women, ethnic minorities, young people and low-income workers are at particular risk.”

Sir Hector Sants, chair of the Money and Pensions Service, said: “Financial wellbeing is fundamental to personal wellbeing, from our physical and mental health to our relationships and ability to plan for the future. In these uncertain times, the Money and Pensions Service has a critical role to play in the UK response to Covid-19 and enabling everyone to make the most of their money and pensions.”