Measuring financial capability: an exploratory studyAuthors: Professor Elaine Kempson, Sharon Collard, Nick Moore
Funded by: Financial Services Authority
Published by: Financial Services Authority
Publication date: June 2005
Report number: Consumer Research 37
In 2003, the Financial Services Authority (FSA) launched a new initiative to develop and implement a national strategy for financial capability. This included the establishment of a Financial Capability Steering Group, which identified seven priorities to be explored by specially convened working groups. In the 2004 progress report, it was noted that the FSA would commission a ‘comprehensive baseline survey to establish the current state of financial capability in the UK’, which would also be used to inform the evaluation of individual pilot projects that will be set up within the strategy.
The overall aim of this exploratory qualitative study was, therefore, to design a baseline survey to measure levels of financial capability in the UK.
A separate, but linked, study was carried out by Ethnos Research and Consultancy who tested the questionnaire for cultural sensitivity.
Using this research a national Baseline Survey of Financial Capability was carried out during summer 2005. Read more about the Baseline Survey of Financial Capability.