Understanding Money Skills - report from Citizens Advice

In their recent report, Understanding Money Skills, Citizens Advice surveyed over 1,000 clients on their money skills. Their clients represent some of the most disadvantages and vulnerable people in society.

In their findings, they discovered a range of strengths and weaknesses in peoples money skills.

• Most people need support in at least one money skills area (63%) - while a significant minority - 1 in 10 - need help in all money skill areas.
• People primarily need support in being confident about taking action on their money matters (49%), knowing the main information about their money services (42%), as well as acting to stay informed about this (45%).
• Core money skills are where clients do well, in how often they keep track of money (58%) and in their knowledge of controlling spending (58%).
• However, high capability doesn’t preclude the need for support. There can be notable differences between what people know and how they act.
• A range of fixed and transient factors play a role in people’s money skills, e.g. demographics, related needs and life events. Some people need more help than others, for example because of ill-health or being a renter.

Their findings show that services and advice should be tailored to help the vulnerable with their money management.

Financial Capability training from Housing Rights

Housing Rights runs an accredited course on financial capability that can help you to help your clients become more financially aware, assisting them in keeping their homes and increasing their budgeting skills.

Increasing financial capability to safeguard homes is running on 29 June, in our offices in Belfast. If this is a training need for a group of your staff, it’s possible to arrange training in your own premises. Contact Bronagh for further information.