1. Financial Capability - Can you afford not to? Dundee - 18 November 2009

2. What is financial capability? Achieving Our Potential: “We are committed to an approach which supports empowering people to make a difference to their own lives. We must adopt an approach that improves the capacity of individuals and their families to lift themselves out of poverty by developing their resilience.” Financial capability = making ends meet + keeping track of finances + planning ahead + choosing financial products + staying informed about financial matters.

3. Why focus on f.c. now? A preventative approach – early interventions Outcome Agreements – a focus on building capability and resilience The economic downturn – need revealed or an opportunity to focus Implementing Achieving Our Potential

4. Policy Links Crosscutting the 3 Social frameworks Solidarity and Cohesion National Outcomes Economic Recovery Plan

5. On the horizon… Consumer Financial Education Body Money Guidance Savings Gateway Financial Capability Support Programme for FE and CLD sector

6. Impact “Financial exclusion and attendant lack of financial capability are cited as causes of lower employability, and vice versa, thus entrenching poverty and social exclusion.” “Those in employment are twice as likely to exhibit high financial capability. ” “Moving an individual with relatively low levels of financial capability to an average level of capability improves their psychological wellbeing by about 6% (compared to an 8% deterioration in wellbeing associated with being divorced, and a 10% deterioration from being unemployed.” “introducing compulsory financial education into the curriculum could increase the wealth of UK citizens substantially by their late 40s: the average couple with no children could be better off by about £22,000”

7. What Works: Sharing a Wealth of Experience: Scottish Models of Financial Learning for Adults A partnership approach so that learners have access to support and guidance Engaging learners e.g. sessions to existing groups Learning activities delivered in an environment where learners feel comfortable Materials appropriate for the learners and relevant to their situations. Progression and support to further learning Visit Financial Learning Online

8. Scottish Government Role? National infrastructure, coordination and connections between sectors and agencies, breaking down barriers so that contributions build on each other Identifying and promoting what makes interventions and services successful to avoid duplication of effort Generating generic resources to avoid duplication of effort Mainstreaming financial education in policies and projects where appropriate. Public Sector as an Employer - setting an example of good practice as an employer

9. Questions… How can SG best add value in relation to financial capability? How can we monitor/evaluate activity across financial capability Gaps in national infrastructure - what sort of support do practitioners need – network/training/evidence base? Current opportunities/links to be made?