FSA outlines help for the young, families and workers across the UK

Young people, families, university students and workers are all being successfully targeted by the FSA's National Strategy for Financial Capability to help them to manage their finances better.

The findings from the Baseline Survey in March this year identified real challenges for those in the 18-40 age group - along with a general weakness in planning ahead and choosing financial products. The FSA pledged to help over 10 million people in the next five years with these challenges and has committed 15-20 GBP million per year over the next four years.

Speaking at today's Financial Capability Conference about the progress to date, John Tiner, Chief Executive of the FSA said:

"Despite being in the early days of delivery, we're helping thousands of people across the UK approach their finances with a new sense of confidence.

"The programmes range from school participation through to workplace seminars and have been developed with and delivered through a range of partnerships. The broader challenge is to widen the availability of basic level money advice and we are forging alliances with trusted existing organisations."

"We also welcome the Government's commitment to improving financial capability in the UK and hope that in future our combined efforts will reach and help far more people from all walks of life and in all life stages."

To date:

• 278 schools of the 500 target for 2006/7 have already signed up to "Learning Money Matters". Through Pfeg, the FSA is helping deliver financial education to school children, equipping them with the basic skills to make sound financial decisions when they are older.
• 19 universities are helping develop further the "Money Doctor" tool kit produced initially by Roehampton University. This offers students advice on managing their money.
• In work places, 43,000 information packs have been provided to employees and almost 2,000 people have attended money seminars. Programmes are under way, or about to start at a further 100 employers. The programme will build significantly in scale in the next two years.
• A 'Parent's Guide to Money' offering a highly practical tool for expectant parents is at the pilot stage. It provides useful tips on budgeting for a baby, claiming benefits and returning to work.
• The Innovation Fund which provides seed funding for programmes designed to fit the needs of specific groups is now in its second year. Some of the initiatives will be rolled out nationally. Recently, a new self help booklet and website for carers of cancer sufferers was created by one of last year's beneficiaries, the Omagh Independent Advice Services, to provide advice coping with the financial implications of sudden illness.
• There have been 1.3 million hits on the FSA's online Healthcheck and Debt Test since their launch in June 2005 and January 2006 respectively.
  
  Speech by John Tiner - Financial capability: Making a difference

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