This week (13th – 19th November) seen the launch of the UK’s second Financial Capability (FinCap) Week. The purpose of this year’s theme #TalkMoney is to encourage people to do just that, to talk about money in the workplace, community and across social media platforms. Co-ordinated by the Money Advice Service (MAS), the week is organised as part of the Financial Capability Strategy for the UK*.
More than 100 events will take place throughout the week and involve a wide range of organisations working together to help people deal with money better, as well as those keen to get more involved with these issues. Activities will bring together charities, financial services, employers, industry leaders, policy makers, academics and practitioners to discuss, showcase and amplify the work under way to improve financial capability across the UK.
Research carried out by MAS found that 6 in 10 of the working-age population do not seek help when going through life events which could impact their finances such as starting a family, loss of a job, divorce or a bereavement. And only half of all working-age people are aware that they can get free or low-cost financial support.
Using data from the British Cohort Study, MAS highlights how skills and behaviours attained as early as five years of age can have a direct impact on adult money management capabilities. The Money Advice Service and charity National Numeracy recently launched the Numeracy and Financial Capability Report which highlighted that 18 million adults currently lack the skills and confidence to manage money well.
Over the course of the week, research will be shared by many other organisations which will give better understanding around financial behaviours and how to improve them.
Commenting on the launch of Financial Capability Week, David Haigh, Director of Financial Capability at the Money Advice Service said. “We’re thrilled to see the momentum behind the second Financial Capability Week and the Talk Money Conference. As research clearly shows, the UK is facing a whole raft of challenges when it comes to managing money.”
“We all have a responsibility to ensure future generations are armed with the skills and confidence they need to manage their money. It’s great to see organisations across the UK joining in support of this goal and we hope that the events taking place throughout the week will help ensure people across the nation will ultimately become more financially capable.”