In the UK the complexities of the financial system, changes in social attitudes and a retail-led culture have all outpaced the ability of consumers to develop individual money management skills.
The Money Advice Service surveyed nearly 6,000 adults living in the UK for the 2018 Adult Financial Capability Survey. From the answers to more than 100 questions, they identified the key components of financial capability and the relationships between them. They highlighted the differences between managing money now and planning for the future, and identified the barriers or enablers for achieving better financial wellbeing. These included key attitudes such as confidence and a sense of control over what happens to your money, as well as economic factors such as income and home ownership.
According to the 2018 Adult Financial Capability survey, overall, UK adults had much higher levels of understanding on current financial wellbeing than longer-term financial security and people scored most poorly on planning ahead for life events.
We want to change this
With our experience and knowledge within financial services, we believe we can help with this and really start to make a difference. We want to improve people’s understanding of their future finances and help them on their way to becoming financially secure.