22% of people could not read the balance on a bank statement
41% of adults do not know their current account balance within £50 1 in 6 people are over indebted
Money is a hot topic these days – who has it, who doesn’t, and how the financial choices we all make today will impact not only our own future, but the future economy of the UK.
Having control over personal financial affairs means individuals are more able to access employment, are protected against unexpected events, enjoy better physical and mental health and can save for the future.
Technology has revolutionised the way people manage their money, and the responsibility for financial decisions is increasingly shifting towards the individual. However, People need help to make the choices that are right for them, and to understand the consequences of the choices they are making.
With the necessary knowledge, people will be able to better understand financial products, the risks associated with them and be in a better place to make sound, long-term financial decisions and avoid falling victim to scams.
If people are more financially capable they make better financial decisions and choose the correct financial products for their needs.
In turn, this means there will be fewer calls to regulators about mis-selling, lower default rates on debts and greater confidence in financial services, as consumers engage more with providers, also helping them to develop new products.
Greater financial confidence will also encourage people to think further ahead and set your goals and plans for the future.
