Monday 21 December 2015
We are now full steam ahead on driving implementation of the strategy, which will be governed and steered by the Financial Capability Board, a group of cross-sector senior and influential individuals. We have also established six new Steering Groups to provide operational expertise and leadership on implementing the key themes of the strategy:
Work on the theme of financial difficulties will be led by the existing Debt Advice Steering Group and Operational Group. The existing Research & Evaluation Group will provide expert guidance to the Strategy and existing forums in each of the Devolved Nations will provide expertise and leadership on implementation of the strategy in their nation.
Each of these Steering Groups met for the first time in December to review the initial action plan for their theme, as published in the Strategy, and agree the priorities for action in year 1.
We will publish these priorities in the New Year on the FinCap website. The aim of the Strategy is to build a strong evidence base on what really works in driving up financial capability – and what does not. As this evidence develops, organisations putting resources into financial capability activities will be able make decisions about where to prioritise those resources based on evidence of what works.
This evidence will also be used to inform what actions should be scaled up to benefit people & improve financial capability across the UK. To achieve much greater collective impact on financial capability, the Strategy promotes a coordinated and collaborative approach across sectors to:
To support organisations in contributing to driving up financial capability the Money Advice Service is developing and piloting a number of tools to help organisations build robust impact evaluation into their relevant activities:
As well as the above, and providing secretariat support to the Financial Capability Board and Steering Groups, the Money Advice Service will:
If your organisation is not already talking to us about what you can do to contribute to driving up financial capability, please get in touch (Enquiries@fincap.org.uk).
NOTES TO EDITORS
Top-line consumer research findings:
People who talk to their partner are most financially astute:
18 – 24 year olds are lacking financial skills across the board:
Why is the strategy needed?
What is the strategy about?
How will the strategy be taken forward?
Financial Capability Board The Financial Capability Board’s membership includes senior and influential representatives from government, regulators, the financial sector and key charities from across England, Scotland, Wales and Northern Ireland, who together can deliver maximum impact. The Financial Capability Board is chaired by Andy Briscoe and the Money Advice Service acts as the Board’s secretariat.
Membership: 1. Andy Briscoe, Chair, the Money Advice Service (Chair of the Board) 2. Jasper Berens, Head of UK Funds, JP Morgan 3. Sir Sherard Cowper-Coles, Senior Advisor, HSBC and Chair of the Financial Inclusion Commission 4. Benny Higgins, Chief Executive Officer, Tesco Bank 5. Professor Elaine Kempson, Emeritus Professor, University of Bristol 6. Lily Lapenna, Founder & Co-Chief Executive Officer, MyBnk 7. Phil Loney, Group Chief Executive Officer, Royal London 8. Eleanor Marks, Deputy Director Communities Division, Welsh Government 9. Louise Macdonald, OBE, Chief Executive Officer, Young Scot 10. Gwyneth Nurse, Director of Financial Services, HM Treasury 11. Steve Pateman, Executive Director, Head of UK Banking, Santander 12. Caroline Rookes CBE, Chief Executive Officer, the Money Advice Service 13. Roger Sanders OBE, Managing Director, Lighthouse Group 14. Sir Hector Sants, Chair, Archbishop of Canterbury’s Task Group and StepChange Debt Charity 15. Otto Thoresen, Chair, National Employment Savings Trust 16. Sian Williams, Head of National Services, Toynbee Hall 17. Chris Woolard, Director of Strategy and Competition, Financial Conduct Authority 18. Tom Wright CBE, Group Chief Executive Officer, Age UK
About the Survey
The Financial Capability Survey is a key component of the evidence base underpinning the development of the strategies for both the UK as a whole and the devolved nations. Much work has gone into the 2015 survey, building on previous research both here and in other countries, to ensure that the questions elicit as accurate and meaningful responses as possible. The questionnaire was developed via an extensive programme of in-depth qualitative work, cognitive testing and piloting of specific questions. More than 5,000 people in the UK took part in the research using a combination of online and face-to-face interviewing in both English and Welsh to ensure maximum inclusiveness. The resulting data has been weighted by experts at the Money Advice Service and its research partner GfK to ensure it represents the adult population of the UK. The research has been designed to provide an overview of adult financial behaviour and the facility to analyse the extent to which consumer skills, knowledge or mindset (attitudes and motivations), or the ease and accessibility of the financial services system, act as barriers or enablers to more capable behaviour.
For more information please contact:
Money Advice Service Press Office 020 7943 0068 / pressoffice@moneyadviceservice.org.uk
