The Scotland Financial Capability Strategy and its action plan was developed in consultation with a wide number of stakeholders across Scotland, including the Scottish Government, local government, public bodies, the advice sector, housing associations, third sector organisations and financial services providers. It sets out how the Money Advice Service will work with the sector to improve financial capability across Scotland.
Money Advice Service research shows that around two fifths of Scottish adults aren’t confident managing their money. Those who manage less well tend to be younger working age adults, particularly 18-24 year-olds, recipients of benefits and tenants in social housing but problems are not just confined to these groups.
In order for the strategy to succeed in Scotland, it is essential that these key stakeholders work to a common set of goals. Members of the Scotland Forum have agreed the following key priorities for Scotland.
Over the next ten years, the Strategy aims to target the following areas:
More detailed analysis focusing on the evidence, needs and priorities for each life-stage and feedback from stakeholders can be found in the Scotland Financial Capability Strategy. To view the Money Advice Service Financial Capability Scotland Survey report please click here.
The Money Advice Service in partnership with the University of Edinburgh Business School and supported by members of the Scottish Financial Capability Partnership are holding a free half-day seminar focussing on Financial Resilience in Later Life. This event will include findings from new research investigating older people’s experience of money management. The research was conducted by Age UK on behalf of the People in Retirement Steering Group of the UK Financial Capability Strategyopens in new window. It draws on insight gathered from Scotland, Wales, England and Northern Ireland and explores what behaviours, attitudes and skills are needed for financial resilience in retirement.
The seminar will also include a range of speakers who will give a Scottish perspective of different aspects of work underway with older people. Register here.