The Momentum Household Financial Wellness Index
10 March 2016
In 2015, Momentum UK commissioned the Personal Finance Research Centre (PFRC) to develop and construct a UK Index of Financial Wellness. The Index is designed to paint a picture of individual and household finances across the country. Momentum have published a short summary describing the Index and the Financial Wellness of the UK in 2016.
A customer perspective on banking culture
7 March 2016
The Financial Services Consumer Panel has published our report on banking culture, which provides an understanding of what an ideal, or positive, banking culture looks like from the perspective of personal and microenterprise customers and how it might be measured.
Financial capability in Great Britain
24 June 2015
The Office for National Statistics has this week released our report on levels of financial capability in Great Britain. The analysis uses the third wave of data from the Wealth and Assets Survey and identifies six dimensions capability. Scored on a scale from 0 to 10, adults in Great Britain performed best on average at making ends meet (7.0) and least well at planning ahead (2.3). It was unusual for individuals to score highly on all of the dimensions. While living in a household with high levels of financial wealth in particular were generally associated with higher financial capability, lower wealth was associated with greater capability on some dimensions.
Insolvency fee plan will help provide transparency and show value
9 March 2015
In 2013, Professor Elaine Kempson was appointed to look at the charging structure of insolvency practitioner fees and how creditor concerns might be addressed. Following on from the review the government has introduced rules to increase transparency for creditors. The measures require insolvency practitioners, when charging time costs, to provide creditors with an upfront fee estimate, detailing what work will be done, by whom and how long it will take. Once agreed, these fees cannot be increased without agreement from the creditors, essentially putting a cap on the fees.
Financial security in old age
15 January 2015
Professor Elaine Kempson gave a keynote presentation on financial security in old age and the inequalities faced by women at the First Multipartite Regional Meeting on the Financial Security of Older Women in East and Southeast Asia in Singapore on 15-16 January. Download a copy of Professor Kempson's presentation below.