March 2015: Consultation Response published and Evidence Hub launched
The Consultation Response and Next Steps document was published in March 2015 to outline the development of the Financial Capability Strategy for the UK. The report set out progress towards developing the Strategy and provides a formal response to the consultation that was launched in September 2014.
An Evidence Hub for financial capability has been launched by the Money Advice Service in collaboration with the Personal Finance Research Centre (PFRC) at the University of Bristol. The new hub brings together in one place the latest research to help share learning on what works – and doesn’t – in improving people’s financial capability. It presents key insights in a concise and accessible format for funders and practitioners. The hub has been designed to support organisations to increase the positive impact their programmes have, and will be developed further in the future.
The Financial Capability and Wellbeing qualitative research report, produced by TNS BMRB for the Money Advice Service, includes insights into how people manage their money in practice. The qualitative data was gathered via focus groups and individual in-depth interviews. Some of the key insights include: the need to help people understand how to make a budget, rather than just that they need to budget; the difficulty in dealing with financial issues for individuals going through highly emotional, negative life events; and that many people understand what being ‘good’ with money means, but lack the inspiration or motivation to want to change.
October 2014: Consultation period closed
As part of the consultation process, which ran during September and October 2014, 45 organisations provided formal responses. You can access their formal responses on this website.
September 2014: Draft Strategy published and consultation period opened
The draft Strategy was published in September 2014. This document set out the overview of the draft Strategy, including financial capability models and proposed priorities for action, and called for responses to the consultation.
Supporting documents, including evidence packs, outcomes frameworks, and evaluation and monitoring packs were published alongside the draft Strategy.