The Northern Ireland Executive’s 2011-15 Programme for Government included a commitment to develop a Financial Capability Strategy for Northern Ireland consumers. A draft Northern Ireland Financial Capability Strategy and Action Plans has been submitted to the Northern Ireland Executive for approval. A public consultation on the draft Strategy took place in 2013, and is currently with the Executive for final approval.
The UK Financial Capability Strategy will establish a range of Steering Groups to steer and support delivery of the key themes in the Strategy. Membership of these groups will represent the various sectors that need to be involved in delivering the Strategy. In each of the Devolved Nations a Forum will play a role equivalent to that of the Steering Groups, but covering all elements of the Strategy in that nation.
As well as informing understanding of the current landscape of existing interventions, the Forum has identified a number of areas that it would like to address in support of the UK Financial Capability Strategy and the NI Executive Draft Financial Capability Strategy (that Department of Enterprise Trade and Investment are currently leading). The Forum we prioritise support for initiative focusing on:
- Supporting those coming out of debt
- Support for more interventions to help prevent people from falling into debt
- Improved processes and support for the rehabilitation of those in debt