Building financial capability in the UK

Sunday, 9th March 2008 14:32 - by Resident IFA

I seem to be in London every week at the moment! On Thursday 6th, I visited the Financial Services Authority (FSA) at Canary Wharf in my role as an Independent Financial Adviser (IFA). The FSA are concentrating heavily, backed by the Government, on increasing the financial capability of adults in the UK. They define financial capability as being able to manage money, keep track of your finances, plan ahead, choose financial products, and stay informed about financial matters. They are working with schools, employers, industry, and IFA’s – to name but a few – in getting this message and knowledge across. One of the key thrusts in the FSA plan is via workplace education…where I come in. The FSA has the goal of having educated and informed 4 million people in their workplaces by 2011 via ‘Making The Most Of Your Money’ presentations. These presentations are given by volunteer presenters from the financial services industry, professionals willing to give approximately one day of their time each month for free to educate others on topics such as savings and investment, insurance, mortgages, and pension planning. The FSA presentations are complemented by radio and TV ad campaigns. I have recently heard a radio ad promoting the FSA’s consumer ‘Money Made Clear’ website and seen a TV ad to promote the availability of a financial guide for parents. My two key reasons behind participating in this financial education are to help others by ‘giving something back’ (80%) and to raise awareness and the profile of my company (20%). My day at the FSA went well…apparently I am good enough a presenter to be let loose on businesses within an hours driving time of my office! So, if you work for a medium to large employer in the City or South East, you may well be hearing my dulcet tones at some point in the future! Until next time…