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What is Financial Capability?

Financial Capability is about helping people understand the importance of money and having the skills and confidence to manage and use it wisely.  It means being prepared for a rainy day, saving in a safe place, having the appropriate insurance cover and being prepared for your retirement.

The Consumer Council has a key role nationally and locally as the main driver of financial capability across the community.  It acts as the leader of a multi-sectoral partnership of representatives from the public, private and voluntary sectors, to coordinate a strategic approach to financial capability in NI.

Managing Money – How Does Northern Ireland Add Up? a recent research report from the Consumer Council has revealed that consumers here are bottom of the UK league when it comes to having financial savvy. 

·  A third of people believe they are only one month away from financial hardship should they face an unexpected expense or drop in income

·  Half did not hold any insurance to cover loss of income or property

·  More than a quarter of people said they did not use any information at all prior to choosing a financial product such as opening a bank account, taking out a loan or getting a mortgage. 

·  One in five people felt it was not important at all to keep up to date with financial matters.

Financial Capability Partnership

The Financial Capability Parnership is a coalition of organisations and individuals who are committed to improving financial capability in Northern Ireland.

Led by the Consumer Council and the Financial Services Authority (FSA), it brings together representatives from the public, private and voluntary sectors.

Click here for a list of members

Related Press Releases

• Consumer Council Statement On Northern Bank's New Account For Young People, November 2007
• Farepak - An Unfair Deal For Savers, October 2007
• Northern Ireland Consumers Worst At Managing Money, September 2007
• NI Consumers Are Key To A Vibrant Economy, June 2007
• Customers Get Their Say on Farepak, February 2007
• Avoiding Debt through Education, February 2006
• Don’t let Debt take Control. November 2005

Related Events

• Financial Capability Event

In February 2006, the Consumer Council organised a conference at Stormont in conjunction with Financial Services Authority and the Central Anti-Poverty Unit of the Office of First Minister and Deputy First Minister which brought together 100 delegates representing government, political parties, financial services industry and the community and voluntary. An important outcome of this event was the agreement to set up a Northern Ireland Financial Capability Strategic Partnership. 

• Financial Capability Vision Setting: 7th and 8th February 2008

Objectives of the event:

To create a joint vision of Financial Capability in Northern Ireland

To set priority actions for the NI Financial Capability Partnership

To build a strategic financial capability alliance across private, public and voluntary and community sectors

Related Publications

• The Council produces information and resources to teach personal finance:
• Financial Capability Schools Quiz,
• Money Tips For Parents - English, Irish, Portuguese and Polish
• Home Budget Planner
• The National Strategy for Financial Capability
• If you are a teacher and require further information, visit the Pfeg website - a one stop shop for teaching resources.