Financial capability gives people the power to make the most of their money and improve their lives. The aim of The Strategy is to help people to improve their financial capability, to enable them to have the best possible financial wellbeing, both now and in the future. This means addressing all the factors that influence people’s behaviour around money: skills and knowledge, our attitudes towards money, motivation to take action, and the accessibility of financial services.
We estimate over 250 organisations in the UK, across government, financial services, the public sector and the third sector, are currently engaged in improving financial capability. The Strategy aims to ensure that future interventions will make the biggest impact possible. It will achieve this by pulling together a shared set of priorities, aims and aspirations, a common method of evaluating what they do, and an undertaking to share effective practice. The final Strategy will put in place a tangible action plan, with commitments from organisations to take specific steps over the next few years to advance the cause of greater financial capability in the UK.
The Money Advice Service is the anchor organisation for The Strategy and will provide secretariat support to co-ordinate the strategy’s implementation.
The Money Advice Service helps people manage their money. It does this directly through providing free and impartial money advice. It’s available online, over the phone (tel. 0300 500 5000), by email, by web-chat, by post and in printed guides.
The Money Advice Service works in partnership with other organisations to help people make the most of their money. We are an independent service, set up by government.
To date, the Money Advice Service has led on the development of The Strategy and co-ordinated input from other organisations via workshops, consultation events, working groups and The Strategy consultation process. It will continue in this co-ordination role, by providing secretariat support, as well as directly contributing to people’s financial capability by delivering and supporting programmes.