Musselburgh and District Citizens Advice Bureau set to take part in Financial Capability week 2016

News — By on November 10, 2016 10:41 am

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MUSSELBURGH Citizens Advice bureau is set to take part in the first UK’s first Financial Capability week.The week runs from 14th – 20th November and is organised under the umbrella of the Financial Capability Strategy for the UK and coordinated by the government-backed Money Advice Service. Aimed at organisations and policy-makers, Financial Capability Week aims to raise awareness about what financial capability means, its importance and the organisations involved in making a difference.

 

Financial Capability week aims to draw attention to these important issues. The week will be opened in an event at the Bank of England by Money Saving Expert’s Martin Lewis.

Over the course of the week, numerous organisations will be involved in spreading the word about financial capability including Musselburgh and District Citizens Advice Bureau.

Due to our already established Money Matters Programme, we discovered a previous unmet need to support Young Carers and their financial capability.

Therefore throughout Financial Capability Week we will be meeting with young carers and young adult carers from all walks of life to gather their views on money management.

Levels of financial capability across the UK remain stubbornly low. The 2015 Financial Capability Survey showed that four in ten adults were not in control of their finances, one in five cannot read a bank statement and four in ten have less than £500 in savings.

These figures indicate a “spend today, rather than save for tomorrow” culture across the UK population. Low levels of financial capability mean that millions of people across the nation lack the financial resilience to deal with unexpected financial shocks and life events and are therefore at risk of falling into uncontrollable levels of debt or suffering from other financial difficulties.

For more information on Financial Capability week and for information on how organisations can get involved, go to www.fincap.org.uk.

 

About the Financial Capability Strategy for the UK

The Financial Capability Strategy was established as a ten-year strategy to address the stubbornly low levels of financial capability across the UK. The Strategy aims to bring together individuals and organisations to deliver a collaborative approach to improving levels of financial capability, as well as establishing the interventions that are proven to work and seeing that as many people as possible benefit from them.

 

About the Money Advice Service 

The Money Advice Service is the holder of the Financial Capability Strategy for the UK. It is an independent organisation, giving free, unbiased money guidance online at moneyadviceservice.org.uk or via free phone on 0800 138 7777. Debt advice is also provided through a variety of partners across the UK. The Service was set up by Government and is paid for by a statutory levy on the financial services industry, raised through the Financial Conduct Authority. Its statutory objectives are to enhance the understanding and knowledge of members of the public about financial matters (including the UK financial system); and to enhance the ability of members of the public to manage their own financial affairs.

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