Financial Capability
Financial Capability
Financial Capability is the ability to manage money well, both day to day and through significant life events. Critically, financial capability is a key driver of consumers’ financial wellbeing – that is the ability to meet all their current commitments, without undue stress, and the resilience to cope with future income and expenditure shocks.
Financial capability is about having the skills and confidence to make informed choices around budgeting, saving, borrowing and banking products available. It means knowing how to prepare a basic household budget and plan ahead, being prepared for a rainy day, saving or working toward saving in a safe place. It means maximising household income by getting all the financial help (including benefits) to which the household members are entitled, having the appropriate insurance cover, and being prepared for the future. It means knowing where and how to get the right advice at an earlier preventative stage if financial difficulties should arise.
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