Wednesday 12 October 2016
David Haigh, Director of Financial Capability for the Money Advice Service comments on the OECD Survey on adult financial literacy:
“This is the first time that financial literacy has been compared internationally on this scale and the result is staggering. The report highlights worryingly low levels of financial knowledge in the UK, placing us 15th in the list of 29 countries surveyed – significantly below France and Portugal and just above Thailand.
“The UK Financial Capability Strategy which was launched last year aims to address these issues. Financial literacy is a vital part of this strategy which brings organisations together to help improve people’s financial knowledge and skills as well as their confidence, attitude and motivation.
“We will continue to work with international organisations who are responsible for improving financial capability to seek examples of best practice and identify what works best to ensure people are able to make the most of their money.”
More information about the UK Financial Capability Strategy can be found at www.fincap.org.uk