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Unum welcomes publication of the 10-year Financial Capability Strategy

28th October 2015

- Today’s launch of a new strategy to improve financial capability is welcomed and a significant step in the right direction. Far too many people and families are still unable to manage money well and unprepared for difficult life events. This is an unsustainable situation, which requires a coherent and sustained robust approach, something that Unum has consistently called for.

The strategy’s focus on every key life stage and challenge is entirely appropriate. However, as people greatly underestimate the risk of being off work long-term and also overestimate the level of financial support they will receive from their employers and the state, it is important the strategy pays particular attention to working age people and workplace benefits liaising closely with employers, employees and other interested parties.

Responding to the publication of the strategy, John Letizia, Head of Public Affairs at Unum, said: "The publication of the Financial Capability Strategy is a key and indeed ambitious development in order to address the long-standing problem of lack of financial capability in the UK. However, the strategy will only fully succeed if all relevant stakeholders, including financial services companies, play an active and constructive role in supporting the delivery of the strategy. It is of paramount importance that we now move quickly and swiftly from strategy to implementation."

Related links:

http://www.fincap.org.uk

Finanancial Capability Strategy launch press release

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