Evaluation Scotland Wales
The UK Strategy for Financial Wellbeing is taking forward the work of the Financial Capability Strategy Opens in a new window

The Scotland Financial Capability Strategy and its action plan was developed in consultation with a wide number of stakeholders across Scotland.

Scotland Strategy in detail

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:


  • Money advice is part of managing day-to-day and nor for financial difficulties only.
  • Needs of vulnerable groups are met and are not further marginalised.
  • More of those who need them are taking up basic products and services to manage their money.


  • A step change in the number of people regularly using a planned approach to managing income and expenditure.
  • Preparing young people to meet financial challenges in their adult life.
  • Supporting people to develop their knowledge (including digital) enabling them to access the best financial products and services and detect scams and fraud.

Accessibility of advice

  • All people who receive debt advice to be provided with financial capability training/support.
  • Existing touchpoints with employers, local authorities and NHS are maximised and leveraged.
  • A significant increase in the proportion of people with problem debt seeking help.
  • Young people, parents and families have better support around accessing affordable credit.

Planning for future events

  • Better understanding of income needs in retirement.
  • More people have a savings buffer for unplanned expenditure, reducing reliance on short term credit and access to affordable credit.

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.

Latest News

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.