Abstract
Financial capability is becoming increasingly important with ever more complex product options available to consumers, and given the potential negative consequences of a wrong decision. Successive mis-selling scandals have underlined the need for individuals to have at least some understanding of the financial products that they buy and of the potential risks attached to their choices.
Scope of the report
Drawing on a comprehensive range of information and statistical sources, this report offers readers:
- key consumer insights sourced from Mintel' s consumer research survey
- an introduction to the main issues and challenges facing the regulator, financial services providers and individuals in the pursuit of a national strategy for financial capability
- an appraisal of recent industry-wide and individual company initiatives which aim to improve consumer education and understanding of financial matters
- the results of Mintel' s independently-commissioned consumer research, which provide insight into consumers' financial capability, their knowledge gaps and their preferences with regards to the dissemination of financial information and advice
- special further analysis (using repertoire and cluster models) to enable deeper understanding of consumer attitudes, behaviours and abilities within the realm of money management and financial planning.
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