Media comment: Money Advice Service comments on Social Market Foundation report

Monday 25 January 2016

David Haigh, Director for Financial Capability at the Money Advice Service comments following the publication of ‘Working Well: How employers can improve the wellbeing and productivity of their workforce’ by the Social Market Foundation.

“Today’s report shines a spotlight on the impact that low financial capability can have on UK workers, employers and the wider economy. This follows previous research published as part of the Financial Capability Strategy that found four out of ten adults are not in control of their finances and 19 million Britons don’t have an approach to budgeting that they feel works.

“The Social Market Foundation’s report emphases the opportunity for employers to take a lead on improving productivity in the workplace by supporting and building the financial capability and resilience of their workforce.

“Employers have a critical relationship with their staff. Through the Financial Capability Strategy for the UK we have an opportunity to bring together employers, financial services, and organisations focused on financial capability to test and trial approaches to improving financial capability through the workplace. More information about the strategy can be found at www.fincap.org.uk “.

ENDS

For more information or to arrange an interview with a Money Advice Service spokesperson, please contact: pressoffice@moneyadviceservice.org.uk.

About the Money Advice Service

The Money Advice Service is an independent organisation. It gives free, unbiased money advice online at moneyadviceservice.org.uk, over the phone on 0300 500 5000, and face-to-face right across the UK. The Service was set up by Government and is paid for by a statutory levy on the financial services industry, raised through the Financial Conduct Authority. Its statutory objectives are to enhance the understanding and knowledge of members of the public about financial matters (including the UK financial system); and to enhance the ability of members of the public to manage their own financial affairs.