The Financial Capability Strategy

The Financial Capability strategy was work carried out by the FSA to identify ways to build a national strategy for improving financial capability. The group identified seven key projects to be developed and implemented by seven newly formed working groups.

The 7 areas identified were schools, young people, work, families, retirement, borrowing and advice.

WA were asked to carry out research on behalf of FSA which was designed to find out about the nature and level of support on offer to students in the Higher Education sector so as to be able to gain a national picture of provision.

The research sought the views of providers as to the importance of developing financial capability. We also gathered evidence of the scope and scale of support available mainly through student support and welfare services, for young people in the Higher Education sector as they become more financially independent. We were interested too about any academic courses that may contribute to personal financial capability directly or indirectly.

The FSA also carried out a national benchmark survey – the largest of its kind – to measure  consumer confidence and understanding of financial matters. This will help to measure future progress of the strategy.

In addition to the research carried out for the Young People Group, WA partnership also contributed at a high level to the FSA Financial Capability Strategy sitting on the FSA’s Advisory group and Schools Project Working Group and chairing a subgroup that are developing accredited awards for schools and teachers in financial capability.