Evaluation Scotland Wales

The Resilience Task Force is one of the Financial Capability Strategy steering groups

Resilience Task Force

About the task force

The Resilience Task Force is one of the Strategy steering groups. It worked collaboratively with the Money and Pensions Service and act as a steering group within the national Financial Capability Strategy. It was time limited, completing its work in October 2019.

Measuring household financial resilience report

Every year, millions of people experience life events that can cause a sudden loss of income or increase in expenditure. Yet many households lack the financial resilience to withstand such an event and have little protection against falling into difficulty. The impacts of this can be severe.

The task force has published a report to:

  • raise awareness of income shocks and the need to build resilience to them
  • develop and embed a resilience index
  • make recommendations to public authorities and others
  • develop an initiative to help test what works in building resilience.

This report looks at the UK’s financial resilience and explores what can be done to quantify the problem and understand the drivers.

It argues for the development of a new Financial Resilience Index to provide a reliable and regular measure of the UK’s resilience, to map its overall level, identify segments where action to improve resilience is needed most, understand the underlying drivers of low resilience, and to provide a means of impact-assessing proposed policies and actions to model their effects on households’ resilience.

Download a copy of the report: Measuring household financial resilience.

Members

  • Baroness Jeannie Drake (Chair)
  • Tom Baigrie – LifeSearch
  • Sian Williams – Toynbee Hall
  • Greg Davies – Oxford Risk
  • Sian Fisher – Chartered Institute of Insurance
  • Paul Smee – independent
  • Johnny Timpson – Lloyds Bank/Scottish Widows and DWP Champion for Access to Insurance
  • Richard Walsh – SAMI Consulting (Secretariat)
  • Alan Woods – SAMI Consulting (Secretariat)
  • David Marjoribanks – Money and Pensions Service