History of the National Strategy
Why are we doing it?
- People are, more than ever before, being asked to take responsibility for managing their finances.
- People can find this daunting and confusing, particularly if they are struggling to manage debt or meet other commitments.
- The number and complexity of choices to be made has increased dramatically over the last 25 years.
- Meanwhile, the comforting arm of the State or employers is being steadily withdrawn.
Individuals are being required to take on more responsibility for their financial decisions. Yet many are not equipped with the skills or knowledge to do so, and some groups are particularly vulnerable.
Individuals are being required to take on more responsibility for their financial decisions. Yet many are not equipped with the skills or knowledge to do so, and some groups are particularly vulnerable.
The National Strategy for Financial Capability aims to remedy this, with our Delivering Change programme combining long-term measures to lay the foundations for sustained improvement over time and shorter-term measures for a more immediate impact. This five year plan will see financial capability education, information and advice reaching targeted groups of consumers of priority need. These will be complemented by a range of resources to help consumers make better decisions.
"Building financial capability is about long-term change. There are no silver bullets, and the programme described here cannot deliver everything. So we won’t be stopping. In the coming years we will strengthen this programme further..."
John Tiner, former Chairman Chief Executive of the FSA, Financial Capability in the UK: Delivering Change, March 06
We are passionate about improving the low levels of financial capability among the UK population and aim to reach at least 10 million people in the five years from 2006/07 – 2010/11.
