Evaluation Scotland Wales

Levels of financial capability in the UK are too low

Key statistics on UK financial capability

Based on extensive evidence and analysis, the Money Advice Service developed the ‘financial capability framework’, which captures the main elements of financial capability – the behaviours underpinning financial capability and the factors impacting it.

The Financial Capability Survey looks at current levels of financial capability based on this framework and in turn, the findings of the survey have been used to identify where the Strategy needs to focus its efforts in improving financial capability.

In the UK:

  • four out of ten of us cannot manage our money
  • Around 16 million people have less than £300 in savings, and
  • Eight million of us are in serious debt.

These are the problems the Financial Capability Strategy for the UK has set out to fix.

Download a summary of key statistics here or from the download box on the right.