Brits Have Low Confidence in Their Own Money Management Skills
- 2 in 3 don’t feel confident managing their money
- Only 1 in 2 think that they are a confident and savvy consumer
- Just 1 in 4 feels they know enough about pensions to make good decisions
With the annual Talk Money Talk Pensions Week (18th – 22nd November) underway, The Money Charity, the UK’s financial capability charity, are highlighting low levels of confidence with money across the UK, and want to get people talking more about financial wellbeing, making it as common a topic of conversation as the weather!
As we approach what is, for many, the most wonderful (but expensive) time of the year, research on the nation’s financial capability makes for tough reading. Recent survey figures say 9 million adults often use a credit card, overdraft or borrowed money to buy food or pay bills, while 11.5 million say they have less than £100 in savings. 22 million adults do not feel that they understand enough about pensions to make decisions about saving for retirement and, despite financial education being on the curriculum since 2014, only 38% of 7-17-year-olds say they learned about how to manage money at school.
Across the UK, around 1 in 6 people rate themselves as having low or very low financial confidence in their ability to manage their money or in knowing about money matters, while 63% of the UK do not feel they can determine what happens with money in their lives.
The Money Charity’s vision is to see this picture changed, and having been the UK’s financial capability charity for over 25 years, they continue to work to do this by proactively providing workshops, resources, tools, and guidance to groups of people of all ages, stages and levels of understanding, helping them to manage their money well and increase their financial wellbeing. They also work with the key decision-makers and influences within the financial and regulatory world to raise a loud voice for the most positive outcomes for consumers, ensuring systems and products are fair, clear and accessible in how they treat people.
Talk Money Talk Pensions Week is all about getting the UK talking about its financial wellbeing, enabling the public to break the stigma around money and encouraging everyone to have a conversation about money, from pocket money to pensions, between families and friends, at work or at school or any other walk of life. Achieving financial wellbeing means people feeling secure and in control of their finances, managing their day-to-day, dealing with the unexpected, and building towards the future. The Week’s key aims are to encourage people to save regularly, engage with pensions, seek financial education throughout their life, rely less on credit, and for those who need it, to seek out free, credible advice.
Erik Porter, Acting Chief Executive at The Money Charity says:
“The numbers may make for worrying reading but we remain convinced that everyone in the UK can manage their money well. That’s why for 25 years we’ve worked with people to help them develop the skills, knowledge, attitudes and behaviours they need to make the right financial decisions for themselves and their families.
“This Talk Money Talk Pensions Week, and beyond, we would warmly encourage people across the UK to find out more about the work we do and get in touch, whether that’s booking a workshop for your workplace, community group, school or college, downloading or ordering some of our resources, or even supporting our work, we’d love to hear from you.”
Notes to Editors
- The Money Charity is the UK’s financial capability charity. We believe that being on top of your money means you are more in control of your life, your finances and your debts, reducing stress and hardship, and that being on top of your money increases your wellbeing, helps you achieve your goals and live a happier more positive life as a result. Our vision is for everyone to be on top of their money as a part of everyday life. We empower people across the UK to build the skills, knowledge, attitudes and behaviours, to make the most of their money throughout their lives. Find out more at http://themoneycharity.org.uk/
- This story is most relevant to publication in the week of 18th-22nd However, subject to copy/print deadlines, it can easily be used/adapted for the following weeks in the lead up to Christmas.
- Please note specific formatting of names in this release, our full name is The Money Charity, and all three words should be used and capitalised as written throughout this release. Similarly, Talk Money Talk Pensions Week (TMTPW) should always have its full title and not shortened.
- Talk Money Talk Pensions Week is an annual awareness-raising event for the subjects of financial wellbeing, education and capability. It is run and administered by The Money and Pensions Service (MaPS) and The Money Charity are one of many participants.
- All statistics used in this release are sourced from The FCA and MaPS in reports/surveys from 2017/2018 respectively.
- Any media or press enquiries should be directed to our Communications & Marketing Manager, James Yelland, on [email protected]