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.
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:
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.