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Image courtesy of SFGB
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THE ABCs OF FINANCIAL LITERACY Financial capability – and the underlying issue of financial literacy – is a subject rapidly rising up policymakers’ agendas. Without either, many of the potential benefits of the fintech revolution might be lost. So what’s the situation in the UK like? Magpie found out.
SARAH PORETTA Strategy and insights director
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third of people struggle to calculate change and nearly half struggle to understand simple supermarket discounts, according to a survey exploring financial literacy in the UK. The poll of 9,000 consumers, a joint study between Cambridge University and University College London, points to a stark problem: if people struggle with basic numeracy, let alone get to grips with financial products, can we expect them to take more important financial decisions elsewhere in their lives? How can these crucial skills be bolstered and how much responsibility should our financial institutions take in contributing to the nation’s economic education? Magpie spoke to Sarah Porretta, Strategy and Insights Director at the newly formed Single Financial Guidance Body (SFGB), to find out. MAGPIE: What is the SFGB and what does it do? Sarah Poretta: SFGB is a new non-departmental public body combining the Money Advice Service, Pension Wise and the Pensions Advisory Service. We offer free, impartial financial guidance and information to millions of people in the UK over the phone, online and in person. Our mission is to help people make the most of their money at every life stage. A key part of this is improving financial literacy, knowledge and skills.
