Press release: Financial Capability Week 2016 announced

Tuesday 6th September 2016

Financial Capability Week 2016 announced

The first ever UK Financial Capability Week will take place from 14 –20 November 2016.

Organised under the umbrella of the Financial Capability Strategy for the UK and coordinated by the Money Advice Service, Financial Capability Week will bring together a wide variety of organisations and policy makers from the worlds of industry, banking, finance and charities. It will aim to raise awareness about the stubbornly low levels of financial capability across the UK and encourage organisations to work together to address this issue and help people make the most of their money.

The week will launch on 14 November at the Bank of England and will be opened by Money Saving Expert’s Martin Lewis. Throughout the rest of the week there will be a range of events and activities designed to encourage discussion, share best practice and celebrate successes over the last year.

Over 200 organisations are taking part in the week in a number of ways, either by sharing financial capability information, getting involved in social media discussions or hosting events to showcase their work.

Andy Briscoe, Chair of the Financial Capability Board comments:

“We look forward to bringing together the many organisations who work tirelessly to help improve the nation’s financial capability. The Financial Capability Week is an ideal opportunity to share best practice and to discuss how we can further coordinate our efforts. We will also be celebrating the progress made in our first year following the Strategy launch.

“I would like to encourage all organisations who are interested in helping drive up financial capability to get involved in the Week. Share what you know, take part in our social media debates and even arrange events yourselves with our help. More information can be found at
www.fincap.org.uk/fincap-week.

Martin Lewis, founder of MoneySavingExpert.com says:

“The internet boom of the last 15 years has seen great strides made in improving the financial capability for millions of people – providing instant information and tools to help. Yet that means the gap between the information knows and knows nots has grown even wider; and that information gap translates directly to people’s standards of living. Financial Capability Week is crucial to persuade more people that it pays to invest time into understanding money.”

Organisations interested in taking part in Financial Capability week can find more information and download a participation pack at www.fincap.org.uk/fincap-week .Updates can be found on Twitter @FinCapStrategy.

-ENDS-

For more information, contact Joe Cockerline or Joanna Brady at the Money Advice Service press office. Email pressoffice@moneyadviceservice.org.uk or call 020 7943 0593 during office hours or 07767 438 670 outside of office hours.

NOTES TO EDITORS

Comments from partners

Michelle Cracknell, Chief Executive of The Pensions Advisory Service comments:
“We are looking forward to supporting MAS during the Financial Capability Week. It is so important to encourage people to get a better understanding of finances. We know from our helpline that people tend to put pensions in the “too hard box” and are therefore missing out on opportunities to save more efficiently for their retirement. This week is a good way to help people save more when they have more knowledge.”

Chief Executive of Citizens Advice Gillian Guy said:
“We know some people don’t feel confident about managing their money, which is why is it really important there are good financial capability programmes on offer to help people get a better grip on their finances. Not only can this help them overcome current financial problems but it also stands them in good stead to avoid any money issues in the future. This week is an opportunity to take stock on the difference financial capability can make.”

Phil Loney, Group Chief Executive of Royal London, said:

“Royal London is proud to support Financial Capability Week. Often managing budgets and making financial decisions can be daunting, which is why financial institutions have an important role to play in tackling low levels of financial capability to help people make their money go further.”

Michael Mercieca, CEO of Young Enterprise comments:

“Financial Capability Week is a great opportunity for different organisations, who have varying insights to offer, to get together to discuss the importance of financial education. Young Enterprise is thrilled to be involved in the initiative and we look forward to sharing our guidance on educating young people in money matters, ensuring that the next generation of school leavers are equipped with the skills, knowledge and experience to be financially proficient.”

James Jones, Head of Consumer Affairs for Experian comments:

“Experian is committed to helping people take control of their finances, get better deals and save money, both through our public education programme and wide range of online tools and services. We’re delighted support the first ever Financial Capability Week and look forward to joining others to share and promote best practice.”

Hannah Maundrell, Editor in Chief of money.co.uk:

“So many people make mistakes with money because they missed out on a financial education; this massive knowledge gap needs to be plugged. Budgeting is a baseline for being good with your cash so we’re supporting Financial Capability Week by helping people learn this simple skill that will really set them up for life.”

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said:

“Amid renewed economic uncertainty, it has never been more important to focus on improving financial capability in the UK. At the Money Advice Trust we will be using Financial Capability Week to highlight the money management challenges facing young adults, in particular.

“Our new research shows that while many under 25s are trying to budget and actively manage their personal finances, 42 percent are finding money management harder than they had expected – and far too few are seeking advice from charities like National Debtline when they get into difficulty. Financial Capability Week will be a useful forum for organisations to discuss how we can begin to address that gap.”

Guy Rigden, CEO of MyBnk comments:

“Managing money well opens up new opportunities. For a young person leaving care, knowing how to budget for a weekly shop can help them live independently for the first time in their lives. For a Sixth Former, understanding student finance could influence their decision whether or not to go to university. Whatever their background, whatever their goals, being financially capable matters, big time.

“For young people it has become as important as reading, writing and arithmetic as a key, enabling life skill that cannot always be learnt the hard way.

“During the week MyBnk will work with young people, teachers and financial experts to create and deliver workshops that excite and engage young people with money. We will motivate them to act, challenge their attitudes and help them form positive behaviours. A collaborative approach ensures our collective impact is greater than if we all operate in silos.”

Maddie Dinwoodie, Money for Life spokesperson and Director of Programmes at UK Youth, said:

“Being financially capable is key to young people as they become independent and start making important financial decisions. Events like the Financial Capability Week are great at raising awareness, sharing best practices and discovering innovative ways to work collaboratively across the financial and charity sectors. UK Youth’s new national programme, Money for Life, delivered in partnership with The Mix and funded by Lloyds Banking Group as part of its ambition to help Britain prosper, is a great example of one of these collaborative approaches. Through building practical money management skills and encouraging young people to talk about finances; Money for Life empowers 16-25 year olds to make the most of their money.

Financial Capability Week themes hosted by Money Advice Service

Monday 14th - Young people and financial capability

Tuesday 15th - Tackling debt

Wednesday 16th - Financial capability and working age people

Thursday 17th - Older people and financial capability

Friday 18th - Regional partner events

About the Financial Capability Strategy for the UK

The Financial Capability Strategy was established as a ten-year strategy to address the stubbornly low levels of financial capability across the UK. The Strategy aims to bring together individuals and organisations to deliver a collaborative approach to improving levels of financial capability, as well as establishing the interventions that are proven to work and seeing that as many people as possible benefit from them. The strategy can be found at www.fincap.org.uk/uk_strategy

About the Money Advice Service

The Money Advice Service is an independent organisation. It gives free, unbiased money guidance online at moneyadviceservice.org.uk or via free phone on 0800 138 7777. Debt advice is also provided through a variety of partners 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.