Financial Capability
Being financially capable means having the skills and confidence to manage your money and use it wisely. It means being prepared for a rainy day, saving in a safe place, having the appropriate insurance cover, being prepared for your retirement and knowing how to get independent financial debt advice if it is needed.
Managing money: how does Northern Ireland add up?
The Financial Capability Partnership
Financial capability schools quiz
Managing money: how does Northern Ireland add up?
Consumer Council research shows that consumers here are bottom of the UK league when it comes to having financial savvy:
- Almost 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.
Click here for the full research report: Managing Money – How Does Northern Ireland Add Up?
The Financial Capability Partnership NI
The Consumer Council leads the Financial Capability Partnership NI which brings together Government, banks, building societies, credit unions, education and community groups to ensure that we all help consumers in Northern Ireland to manage their money and make it work best for them. The overall vision of the Partnership is: Together create more financially capable people in Northern Ireland and be able to measure change. The Financial Capability Parnership NI is led by the Consumer Council and is funded by the Financial Services Authority (FSA). Click here for a list of members
Financial capability schools quiz
Following the changes to the Northern Ireland Curriculum in 2007 the Consumer Council ran a pilot quiz for Year 8 pupils aimed at developing financial knowledge, skills and responsibility.
Now you and your pupils can try the quiz in your own classroom – just click on this link to download a copy of the original question booklet.
If you would also like a copy of the answers please phone the Consumer Education section at the Council on 028 9067 2488.
Money Week
Money Week is an initiative from the Financial Capability Partnership NI to provide practical help and innovative solutions for consumers to help make their money work for them. The first ever Money Week was launched in Coleraine in 2008 in partnership with the local council. It was such a big success that we decided to run it again, this time in Fermanagh in March 2010.
Money Week consists of a week long programme of events organised by the Partnership. The events include working with pupils and teachers in schools, young people in colleges and university, and employees in their workplace. By working together we have helped consumers take control of their finances where they can. Click here to read more about Money Week 2010.
Do you need a money makeover?
Here are some simple things you can do today to make your money go further:
Work out your budget- download our budget planner to work out what money’s coming in, what’s going out and where you can make savings.
Start the savings habit -even putting a little bit aside can make a real difference, so start planning for tomorrow.
Shop around –you could save money by shopping around for the best deals on current and savings accounts, mortgages, insurance, credit and store cards.
Make your voice heard –we could all have over £219 a year if we complained about faulty goods and shoddy service.
Sitting on a small fortune? - There is £12 million in forgotten bank accounts and building society accounts here and £6 million in Ulster Savings Certificates. Visit www.mylostaccount.org.uk or www.dfpni.gov.uk for information
Don’t bury your head in the sand - If you’re worried about money or struggling to make ends meet, don’t keep it to yourself - get help early.
