Why the Wales Co-operative Centre is supporting Financial Capability Week
When 40% of adults say they are not in control of their finances and a further four in ten have less than £500 in savings, its clear the UK is facing a financial capability crisis which requires a collective response. That is why we are supporting Financial Capability Week.
The campaign is designed to highlight the work of organisations involved in financial capability and amplify their messages in order to achieve the large-scale change needed to tackle the stubbornly low level of financial capability in the UK today. Despite being in its first year, the campaign has the support of more than 250 organisations including names you would expect, but also organisations as diverse as Cynon Tâf Community Housing Group and Wrexham Glyndwr University.
To improve financial capability, policy makers and organisations working across a broad range of sectors need to work together. That’s why the Financial Capability Strategy was developed and based on collective impact – where there is a common vision for what needs to be achieved, building an understanding of what works. The Strategy will last for ten years and was launched in 2015. It aims to improve people’s ability to manage money well, both day to day and through significant life events, and to handle periods of financial difficulty. The Strategy is guided by the Financial Capability Board, made up of cross-sector experts and leaders.
The Wales Co-operative Centre has a long history of supporting Financial Capability here in Wales and is a passionate advocate, for improved financial capability and proud to be part of Financial Capability Week 2016. We hope that our partners will consider joining us and helping to raise the profile of the excellent initiatives out there already, as well as highlighting the gaps that exist. By joining together under the Financial Capability Week campaign banner we can shine a spotlight on the stubbornly low level of, but also celebrate the excellent work being done to drive up, financial capability in the UK.
You can find out more about the campaign and the strategy behind it at www.fincap.org.uk and by following @fincapstrategy.