tailieunhanh - Financial Capability in the UK: Delivering Change

The most recent US crisis appears to fit the more general pattern that the recovery process from severe financial crisis is more protracted than from a normal recession or from milder forms of financial distress. There is certainly little evidence to suggest that this time was worse. Of course this does not mean policy is irrelevant. Quite the contrary, in the heat of the recent financial crisis, there was almost certainly a palpable risk of a Second Great Depression. However, although it clear that the challenges in recovering from a financial crises are daunting, an early recognition of. | Introduction John Tiner Chief Executive Financial Services Authority Making sound financial decisions is an essential life skill. Without it we are unlikely to be prepared for life s ups and downs or we may suffer the consequences of poor financial choices. Yet for most of us managing money is something we just have to pick up as we go along usually by trial and error. This is going to change. One of the four objectives that Parliament has set the FSA is to promote public understanding of the financial system and one of our strategic aims is to ensure that customers achieve a fair deal. As part of our work to deliver against these in Autumn 2003 I brought together a partnership of key people and organisations in government the financial services industry employers trades unions and the educational and voluntary sectors. Together we have established a road map for delivering a step change in the financial capability of the UK population. Over the last two years we have reviewed in depth what works in improving financial capability. We have looked at initiatives already happening we have developed and tested new ideas and from all of these we have selected the ones that we believe will over time make a significant and sustained impact. We have also conducted an extensive survey of financial capability the results of which are published alongside this document1. This confirmed that many people particularly the young are poorly equipped to plan ahead and need to be significantly better at understanding the choices available to them. As this document explains we and our partners are now implementing a programme that combines laying firm foundations for sustainable improvement with other initiatives designed to have more immediate impact. The FSA alone will spend up to 10 million this year in supporting the programme. Taken together these initiatives will reach many millions of people over the next five years. The programme takes specific account of the needs of people .