Julian Knight MP was the keynote speaker at a meeting of leading figures from the financial services industry, government, and third sector organisations to launch a major new drive to address low levels of financial capability in the UK.
An experienced personal finance journalist and author, Julian welcomed the proposals to encourage financial independence, and said that it was important for MPs to play their part in communicating it to their constituents.
Roughly four in ten British adults aren’t in control of their own finances, a fifth cannot read a bank statement, and many struggle with things like calculating the impact of interest rates on their savings. Research also revealed that many people have either low savings or excessive personal debt: in Solihull alone the data suggested that 12.3% of adults were over-indebted.
The Money Advice Service has teamed up with the UK Financial Capability Board to create a ten-year plan to improve people’s ability to manage money well day to day, prepare for and manage life events, and deal with financial difficulties.
Commenting on the campaign, Julian said:
“It’s shocking that one in five adults can’t read a bank statement. As someone whose job it was to help ordinary people better manage their money, I’ve worked hard to make finance accessible and I know how vital financial empowerment is to personal independence.
“Early intervention is the key to addressing this: children begin to form their attitudes towards money and spending from the age of three. Firm action today can spare the next generation the helplessness of being deep in debt.
“However it is never too late to make some simple, positive steps to take control of your life, and I’m very pleased that this programme will assist all those in need of help, whatever their age or circumstances.”