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<p>Government policy on financial education and capability focuses on ensuring that
people have the confidence and skills they need to successfully engage with their
finances. To this end the Government established the Money Advice Service (MAS), which
provides free-to-use financial guidance and coordinates the UK’s Financial Capability
Strategy. This is a 10-year strategy which aims to gather evidence on the most effective
interventions to improve people’s financial capability, and support and coordinate
initiatives that are proven to work. As part of this strategy MAS will shortly publish
plans to commission projects to help working age adults manage their money, which
will include a focus on households on low incomes. The plans will also focus on the
financial capability needs of children and young people at home, in school, and in
community settings.</p><p>Moving forward, the Government is legislating to merge the
functions of MAS with those of The Pensions Advisory Service (TPAS) and Pension Wise,
to create a Single Financial Guidance Body to simplify the existing public financial
guidance landscape. The government’s commitment to improving people’s financial capability
is reflected in the new body’s strategic function to develop and coordinate a national
strategy to improve the financial capability of members of the public, which will
build on and further progress MAS’s work.</p><p>It is also particularly important
that children and young adults receive financial education to help them shape their
financial habits later in life. This is why financial literacy was made statutory
within the national curriculum in England in 2014, as part of the curriculum for citizenship
education for 11-16 year olds.</p>
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