Policy & Research
Our Policy & Research work complements our main objective of directly helping people of all ages to stay on top of their money. It keeps the profile of Financial Education and Financial Wellbeing high on the agenda, influencing policy-makers, regulators and key decision-makers.
We focus our Policy work on six key areas:
We believe that everyone should have the opportunity to develop the skills to help them manage their money effectively, and ultimately become secure and confident when thinking about their finances in the present and long term. Therefore, Financial Wellbeing & Capability are central policy themes for us.
We think that support should be available to people throughout their lives as their needs change and grow, so the way in which this is delivered is hugely important from our perspective.
It is crucial that people begin to develop these skills early on in their lives, which is why Financial Education for young people in schools and colleges has been one of our key policy focuses. It has been a statutory requirement to teach Financial Education as part of the national curriculum in England since 2014. However, the delivery has been patchy and inconsistent, with may teachers unaware that Financial Education is even part of the curriculum. Much more work needs to be done to make this a reality.
Robust Financial Regulation is important as well, by ensuring that the market for financial products operates fairly and transparently, as well as enabling consumers to make informed decisions about their money. Financial Regulation can also help to improve levels of Financial Inclusion, for example, by protecting access to cash, in person banking services, and making sure that financial products remain accessible.
Low levels of Financial Capability increase the risk of someone using Credit and getting into
unmanageable levels of Debt, so our policy work encompasses these areas.
From the school curriculum to pensions, we regularly engage with government departments, regulators and other organisations on a wide range of issues through Consultation Responses. Our focus is on ensuring that policies support people to manage their money, prevent them from getting into financial difficulty, as well as to help them if this does happen.
We also produce a monthly report with the latest statistics around debt, personal finance and more, The Money Statistics. The report is widely used by regulators, trade associations, the media and the third sector, providing an objective viewpoint of, and lots of useful information about, the current situation in the UK.
We are developing our Policy in each of the above areas in greater detail, as well as undertaking more research to highlight the importance of staying on top of your money. If you want to find out more, please contact us.
OUR POLICY VIEWS
As the UK’s Financial Capability charity, we have a set of clear principles and beliefs that frame all the work we do. Our views, outlined below, help us to develop policy to inform Government decisions related to the six key areas that we focus on.
To give you a better idea of what the charity believes in, we have adopted a set of high-level Policy lines.
Financial Wellbeing & Capability
Our principles:
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- Everyone has the capability to be on top of their money as a part of everyday life.
- Being on top of your money means you are more in control of your life, your finances and your debts, reducing stress and hardship.
- Being on top of your money increases your wellbeing and helps you achieve your goals and live a happier, more positive life as a result.
- Financial Wellbeing & Capability are therefore essential life skills.
- People with good Financial Wellbeing & Capability are on top of, and make the most of, their
money, in these 5 key areas:- Planning (including budgeting)
- Saving
- Debt
- Financial services products
- Everyday money (including wages, cash, bank accounts)
Financial Education
Our principles:
- Everyone should have the opportunity to develop the skills to become Financially Capable and have good Financial Wellbeing.
- Helping young people to develop these skills should start as early as possible, with Financial Education taught as part of the national curriculum.
Credit and Debt
Our principles:
- You should only be able to take out credit you can afford to repay.
- If you use any sort of credit, it should be clearly explained how much you’ll repay, when you’ll repay, as well as what happens if you can’t.
- If you get into difficulty, you should be helped to get back on top of your money.
Financial Inclusion
Our principles:
- Everyone should have access to basic financial products, necessary for participation in modern life.
- But they shouldn’t be penalised for how they are able to pay or receive information.
- Government should support Financial Inclusion, but also help those people who remain excluded by circumstance.
Financial Regulation
Our principles:
- Financial Regulation needs to focus on consumer welfare.
- Regulation should prevent harm, not just react to it.
- This includes making sure people are only able to borrow what they can afford.
- Plus that they’re treated fairly if they get into difficulty.
The Money Charity sits on the FCA’s Consumer Forum and is a member of the YFCG (Youth Financial Capability Group). Our presence in these spaces and focus on Financial Regulation as a policy area, alongside areas such as Financial Education which may seem more evidently relevant to the charity’s work, means that we have a good understanding of the financial issues faced by consumers. We believe that our focus in this area lends us credibility in our campaign to improve consumer welfare and ultimately Financial Wellbeing.
POLICY PAPERS
Our Policy & Research work complements our main objective of directly helping people of all ages to stay on top of their money. It keeps the profile of Financial Education and Financial Wellbeing high on the agenda, influencing policy-makers and regulators.
As an essential part of that, we have developed Policy Papers on key issues, which you can read or download below.
The Money Charity – Credit and Debt
The Money Charity – Financial Capability for Workplaces & Communities
The Money Charity – Financial Education for Young People
The Money Charity – Financial Inclusion
The Money Charity – Financial Regulation
The Money Charity – Student Finance
The Money Charity – Tax and Benefits
The Money Charity – Women and Financial Wellbeing
LATEST RESEARCH PAGE
From time to time we commission or develop research to further understand the environment surrounding the management of money today, as well as to support our policy and press work.
Examples can be found below:
Financial Foundations and Covid-19: A Rapid Evidence Review
Personal Financial Education: Evidence of Success from Recent Published Studies
Financial Education in Schools: Why We Need Direct Delivery
Financial Education in Schools – How to Fix Two Lost Years?
Not Free at the Point of Entry – The Reality of Paying Upfront for University
Set Up to Fail – The Money Charity Report
We would also be interested in collaborating with others in the development of research. If you are another charity with complementary objectives, or a commercial organisation interested in funding a piece of research, please do get in touch at [email protected] to discuss further.