The ultimate goal of this website is to improve the financial capability (FinCap) of people in the UK by:
• Raising awareness of the financial capability issues and the FinCap Strategy
• Showing how and why others should get involved
• Demonstrating why financial capability matters to stakeholders and influencers
• Letting people know what’s happening with steering groups, research, funding and projects
• Providing a first-class source of research and insight into FinCap
• Encouraging people to use evidence and insight to influence the decisions made by funders, practitioners and policy makers
• Making financial capability interventions and activities as effective as possible
The Money Advice Service (MAS) recognise no single policy, government department, organisation or program can, by itself, improve the financial capability of the people of the UK.
We have adopted a Collective Impact approach to the problem.
This framework calls for multiple organisations and entities from different sectors to work towards a common agenda.
The key pillars of the Collective Impact approach are:
1. A common agenda for change including a shared understanding of the problem and a joint approach to solving it through agreed upon actions
2. Consistency in the collection of data and the measurement of results
3. Mutually reinforcing activities including action plans of that coordinates effort
4. Continuous communication to build trust, assure mutual objectives, and create common motivation
5. A backbone organisation with staff and specific set of skills to serve the entire initiative and coordinate participating organisations and agencies
MAS provides this centralised infrastructure with dedicated staff whose role is to help participating organisations to improve the ability of the population make financial decisions.
We have identified the following stakeholder types we believe are either already involved in financial capability initiatives or are likely to benefit from including them in their strategic thinking going forward:
