What is Financial Capability Week 2017 and how can you get involved?
When you’re living on a tight budget, managing your money can seem like a constant struggle. You might find it hard to meet your bills every month or to save up for a big purchase. And if you have an unexpected bill –your car breaks down, for example – your careful planning could go out the window.
This week (13-19 November) is Financial Capability Week 2017 and its aim is to change those situations. By focusing on improving your financial wellbeing, you can get in control of your budgeting and your bills.
We’ll take you through what financial capability is and how Financial Capability Week 2017 can help with your finances.
What is Financial Capability Week 2017?
Financial Capability Week 2017 aims to get people talking more about good money management and working to improve financial wellbeing. Organisations around the UK will be looking at how to increase people’s savings so they can deal with financial shocks.
The Financial Conduct Authority (FCA), Toynbee Hall and Age UK are just a few of the organisations on board with Financial Capability Week 2017. They’ll be running a whole range of events to get you thinking about how you can manage your money better. You can see all of the events available on the Financial Capability Strategy website.
What does financial capability mean for your money?
Financial capability isn’t just about spending less. It’s about making sure you can manage your money for the short-term and over the long-term. This means that if an unexpected and costly bill comes along, you won’t go completely off budget.
If you’re currently feel like you’re struggling with money, you’re not alone. Financial Capability Strategy stats show that 21 million UK adults couldn’t afford an unexpected bill of £500. This means if they needed a new fridge or to fix the car, they might have to rely on credit.
And that’s just the people who are managing to keep their heads above water. The stats also show that some eight million UK adults are in problem debt. But of these, only one in six is seeking help for their debts.
Financial education can help with this to some extent. For example, if you understand what you’re paying for your bills and why, you can avoid unnecessary charges. And by building up a savings buffer, you’ll be able to more easily cope with whatever life throws at you.
Later in Financial Capability Week 2017, we’ll be publishing some top tips on good money management. These handy hints will all be from colleagues and debt advisors here at Harrington Brooks to help you manage your finances better. It will all be advice from real people about keeping on top of budgets and dealing with spending day-to-day.
Check back later in the week to see our top tips for staying in control of your financial wellbeing. And make sure to follow us on Facebook and Twitter – we’ll be talking about Financial Capability Week 2017 all week.