Four out of ten adults are not in control of their finances
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A new strategy launched to improve UK's financial capability
An extract from a Press Release from the Money Advice Service.
- Around four out of ten adults are not in control of their finances
- One in five cannot read a bank statement
- Four in ten adults have less than £500 in savings
- One in three cannot calculate the impact of a 2% annual interest rate on £100 in savings
Leading figures from across the financial services industry, government, third sector organisations and charities have come together to launch a major initiative to address the stubbornly low levels of financial capability in the UK.
The Money Advice Service, in conjunction with the UK Financial Capability Board, has today published a ten year Financial Capability Strategy which aims to improve people’s ability to manage money well day to day, prepare for and manage life events, and deal with financial difficulties. Its focus will be on developing people’s financial skills and knowledge as well as their attitudes and...
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