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What is the National Strategy for Financial Capability?
The FSA lead this strategy.
It brings together interested parties from industry, consumer bodies, voluntary organisations, government
and the media – all aiming to find ways to improve the nation’s knowledge and understanding of personal finance.
Why are the FSA doing it?
- People are, more than ever before, being asked to take responsibility for managing their finances.
- This is an area that people can find daunting and confusing, particularly if they are struggling to manage debt or meet
other commitments.
- The number and complexity of choices to be made has increased dramatically over the last 25 years.
- Many consumers do not have access to face-to-face financial advice.
- Meanwhile, the comforting arm of the State or employers is being steadily withdrawn.
The National Strategy for Financial Capability has an overall vision of achievement:
‘We share a vision of better informed, educated and more confident citizens, able to take greater responsibility
for their financial affairs and play a more active role in the market for financial services.’
(Building Financial Capability in the UK, FSA 2004)
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