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Financial Capability and Child Poverty Garry Hunter Consumer Financial Education Body July 2010

Financial Capability and Child Poverty Garry Hunter Consumer Financial Education Body July 2010. Helping people manage their money. Financial inclusion access to (debt) advice accessible banking services affordable credit household insurance Financial capability Knowledge Skills

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Financial Capability and Child Poverty Garry Hunter Consumer Financial Education Body July 2010

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  1. Financial Capability and Child PovertyGarry HunterConsumer Financial Education BodyJuly 2010

  2. Helping people manage their money • Financial inclusion • access to (debt) advice • accessible banking services • affordable credit • household insurance • Financial capability • Knowledge • Skills • Attitudes and behaviours

  3. FSA Baseline Survey Nearly half of the UK appear to be less capable in planning ahead

  4. The baseline survey showed that… • Over a 3 year period, nearly 30% of people had experienced a large unexpected drop in income. • Over 20% had faced a large expense. Planning ahead Yet 70% have made no personal provision to face a drop in income Saving for a ‘rainy day’ Saving for the long term Coping with lumpy expenditure

  5. Financial capability levels HIGHER LOWER Older (>55) Married or widowed with no dependent children Smaller households Good health Home owners Full time permanent job Younger (<35) Divorced or separated Unemployed Larger households Lone parents Fair or poor health Rented accommodation Immigrants Helps us to target our work

  6. Impact of life events on financial capability

  7. Our research shows a clear relationship between financial capability and wellbeing Less financially capable Potential gain from improving financial capability More financially capable Low mental stress High mental stress

  8. Financial Capability and Child Poverty • Not just income maximisation …. • …. also about how you use the money you have • Barriers to employment and training • Life events link • Resilience

  9. Financial Capability Working Group • Subgroup of London Child Poverty Delivery Group • Membership: CFEB, Child Poverty Unit, Citizens Advice, GLA, London Councils, Save the Children, Turn2Us, DWP and 2 x London Boroughs • Action: • Informing LAs needs assessments • Identifying barriers to employment and training • Best practice interventions for vulnerable groups • Publicise research on financial capability, child poverty and wellbeing • Feeding into future development • Get involved : call for evidence

  10. Reaching the UK population TARGETED INTERVENTIONS MARKETING UNIVERSAL OFFER

  11. How can cfeb resources help? • Direct to consumer and through intermediaries • We know that intermediaries - e.g. frontline staff - are often asked about money issues • …..and may need information themselves • Financial capability supports other policy initiatives – e.g. child poverty, welfare to work • cfeb resources are free and impartial

  12. Contact details and further information • Garry Hunter • 020 794 30476 • 07881 457914 • garry.hunter@moneymadeclear.org.uk • www.cfebuk.org.uk • www.moneymadeclear.org.uk

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