Our Policy Views

Row of Lightbulbs With One Lit

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:

    • 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.