Money Advice Service comments on NS&I’s financial education research

Tuesday 5 January 2016

Following research released today by NS&I highlighting that more than half of Britons are out of their depth when it comes to managing money on a day-to-day basis, Caroline Rookes, Chief Executive for the Money Advice Service comments:

“It is concerning that millions of Britons struggle to manage their finances and are unable to plan for their futures. With over seven million admitting they have no savings at all and more than half saying they never received any formal financial education, it is unsurprising that many families are struggling and falling into debt. This follows research recently conducted 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.

“Today’s research highlights yet again the importance of delivering a fully collaborative Financial Capability Strategy across the UK. The Financial Capability Board is working to harmonise the efforts of charities, product providers and all relevant third parties to make sure people are able to improve their financial skills at any point in life. Working with the next generation in schools is a great start but we have to help people at every stage in life, from infancy to retirement.”

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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.