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FSA announces major financial capability strategy

The FSA has announced a major national strategy for improving financial capability.
The Financial Capability Steering Group has identified seven key project areas; schools, young adults, work, families, retirement, borrowing and advice. Each of these projects will have its own working group.
The FSA says it will also carry out a national benchmark survey to measure consumer confidence and understanding of financial matters.
FSA chief executive John Tiner says: “We need to build on this growing appetite [for personal finance knowledge] and fine ways of reaching them to help improve their confidence and knowledge in financial matters.”
The FSA has so far identified around £35-40m which is spent on financial capability work. When the working groups report back the FSA says it will be possible to estimate whether additional resources will be needed.

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