TISA urges Government to prioritise financial education and Targeted Support Rollout as new FCA Financial Lives Survey highlights persistent financial vulnerability of millions
As the FCA’s latest Financial Lives survey reveals 13 million UK adults have low financial resilience, The Investing and Saving Alliance (TISA) is urging policymakers to prioritise lifelong financial education, starting from primary school and continuing with access to clear, personalised information through targeted support
Commenting on the FCA survey, Carol Knight, CEO of TISA, said:
“These new results show that, unfortunately, the financial situation clearly isn’t improving for UK adults. Millions remain trapped in a cycle of financial fragility, one unexpected bill away from disaster. The cost-of-living crisis has affected consumers’ ability to save, leaving them under increasing pressure, anxiety and stress at all stages of their financial journey. Many lack the confidence and support to navigate even basic financial decisions, unable to build resilience over time, and very few seek financial advice to improve their situation. The FCA’s research should therefore come as a catalyst for action, and there are clear opportunities for the Government to help change this story. Embedding financial education from an early age and scaling up targeted support are two essential measures that will empower people to improve their financial health, build resilience to financial shocks, and secure sufficient income in retirement to maintain a reasonable standard of living”
TISA believes that now is the time for a more strategic, joined-up response from industry, government, and regulators and is therefore calling for:
- Financial education to be prioritised from primary school and continue through into adulthood.
- Targeted support measuresto bedeveloped by industry to offer personalised advice to consumers on the most suitable ways to manage their money.
- Regulatory reform, particularly of Privacy and Electronic Communications Regulations (PECR), to remove the barrier to effective targeted support.
TISA will continue to work with its members and partners across the financial services sector to ensure practical solutions are developed and delivered, improving financial wellbeing for all.
ENDS
Notes to editors:
- TISA is a not-for-profit membership organisation committed to improving the financial wellbeing of all UK consumers by working collectively with the financial services industry to deliver solutions and champion innovation, for the benefit of people, our industry, and the nation.
- TISA has approximately 270 member firms involved in the supply and distribution of savings and investment products and associated services. Members include the UK’s major investment managers, retail banks, online platforms, insurance companies, pension providers, distributors, building societies, wealth managers, third party administrators, FinTechs, financial consultants, financial advisers, industry infrastructure providers and stockbrokers.
- To access the full results of the Financial Lives Survey, please visit https://www.fca.org.uk/news/press-releases/more-people-have-bank-accounts-one-ten-have-no-cash-savings