Financial Capability

Jan Ferrari

Financial Services Authority

4 December 2009

National Strategy for Financial Capability

• The Financial Services Authority leads the National Strategy for Financial Capability

• We work in partnership with the Government, financial services industry, employers' organisations, consumer organisations and not-for-profit sector to improve the financial capability of people in the UK

• Financial capability means:– being able to manage money– keeping track of finances– planning ahead– making informed decisions about financial products – staying up to date about financial matters

How can FSA resources help?

• Direct to consumer and through intermediaries

• We know that intermediaries - e.g. health professionals and local authority staff - are often asked about money issues

• …..and may need information themselves

• FSA resources are free and impartial

• www.moneymadeclear.fsa.gov.uk • Website, free guides and useful tools• Practical tips on the financial implications of major

life events - such as starting a job or managing in retirement

• Interactive online tools, such as the budget calculator, financial healthcheck and mortgage calculator

• Tips on how to shop around, and ‘Compare Products’ tables to compare the features and costs

• Consumer helpline - 0300 500 5000

Coming soon….money guidance

• Currently available in the North East and North West.

• The Government has announced the UK-wide roll-out - due to start in 2010.

• This extended Moneymadeclear service can help you or your clients with everything from budgeting to borrowing, savings to mortgages. 

• Available on-line, over the telephone and through face-to-face appointments with dedicated money guides.

More FSA resources…..

The Parent’s Guide to Money

A spiral-bound booklet for expectant parents with sections on the key issues - including:

maternity and paternity leave the cost of childcare Child Tax Credits and other benefits Child Trust Fund saving and borrowing

Parents can dip in and out to find the information they need, when they need it

Easy to use calculators on our website at www.parentsguidetomoney.co.uk

Midwives and children’s centres are issuing the guide

A million copies issued so far!

For young adults…..

• Young People and Money:– Free training programme

for staff working with young people who are either not in education, employment or training (NEET) or at risk of being 'NEET'

– Details at www.ypam.org • What about money:

– website aimed at young adults

– www.whataboutmoney.info

Making the Most of Your Money

• Financial education seminars – one hour long

• Delivered in the workplace• Topics covered:

– Budgeting

– Saving and investing

– Borrowing

– Dealing with problem debt

– Protecting what you have

– Planning for retirement

For professionals working with clients with mental health problems

‘Final Demand –Debt and Mental Health’

• One in four people has a mental health problem – and one in four of those is also in debt.

• Information on how professionals can give practical help to people with debt and mental health problems – you don’t need to be an expert.

• Produced by the Royal College of Psychiatrists and Rethink, and funded by the FSA.

• See www.mhdebt.info for the booklet and how to order copies.

And more…….

• Schools– Find out about our work with schools at

www.fsa.gov.uk/financial_capability/our-work/schools.shtml

• Further and higher education– Information on our Money For Life programme at

www.fsa.gov.uk/financial_capability/our-work/further_education/ – and Money Doctors at www.fsa.gov.uk/financial_capability/our-

work/higher_education/index.shtml

• Partnership development– We work with the voluntary sector to reach vulnerable groups.– Priorities this year are social housing, learning disabilities, mental

health, offending and autism.– Find out more at

www.fsa.gov.uk/financial_capability/our-work/partnership_development/index.shtml

Contact details and further information

Jan Ferrari

020 7066 0688

07717 812747

jan.ferrari@fsa.gov.uk

www.fsa.gov.uk/financial_capability • details of all of our projects • research into the link between financial

capability and wellbeing