The Money Charity welcomes ‘major step forward’ for financial inclusion The UK’s leading financial capability charity today welcomes the publication of the Financial Inclusion Commission’s report into improving the financial health of the nation.
The Commission’s Vice-Chair was Chris Pond, who is also Chair of The Money Charity. It concluded that creating a financially inclusive and capable societyrequires a collective approach, and needs to be led by a ‘Minister for Financial Health’.
Financial skills should be taught from primary school to retirement, says the report – including at key life stages and events. This should cover cultural as well as technical aspects of money management. The Money Charity offers free workshops for 11-19 year olds, and unique training for adults to help anyone get and stay on top of their money.
The report also calls for the Financial Conduct Authority to be given a statutory duty to promote financial inclusion, and measures to make bank accounts, savings accounts, and credit easier to access.
Michelle Highman, Chief Executive of The Money Charity and member of the Commission’s advisory panel, said:
“This suite of practical and achievable recommendations are a major step forward in the move towards a society where everyone, whatever their circumstances, has access to the products that are essential in the modern world.
“These recommendations now need government, industry, the FCA and MAS to take up the challenge – including sustainable, long-term funding for the third sector that delivers vital support for financial inclusion and capability.” Read the full report here and our submission to the Commission here.