What is the Strategy?

What is the Strategy?

What is the Financial Capability Strategy for the UK?

Levels of financial capability in the UK are far too low:

• 4 out of ten adults in the UK feel their approach to budgeting does not work well
• around 17.5 million working-age people have less than £500 in savings, and so are highly exposed to a drop in income or unexpected bills such as a boiler repair or a new fridge
• more than 8 million people in the UK are over-indebted

These are complex problems which can lead to widespread impacts on individual well-being, health and the UK economy. They cannot be solved by any one organisation working alone. The Financial Capability Strategy for the UK was launched in October 2015 to bring many different people and organisations together to collaborate and take action to permanently address these issues. Employers, charities, government and businesses all want to give people the lifelong control and confidence to make the most of their money – from pocket money to home-buying.

So the Financial Capability Strategy is a national partnership, led by an expert board, addressing a UK-wide problem – with parallel and supporting strategies in Northern Ireland, Scotland and Wales..