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Cash Management Skills 'stubbornly Low'

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http://www.bbc.co.uk/news/business-34651828

More than one in five adults are unable to read a bank statement - evidence of "stubbornly" low financial skills in the UK, a report suggests.

Research by the Money Advice Service also found that four in 10 adults had less than £500 in savings leaving them at risk of financial shocks.

The service is launching a 10-year plan aimed at improving the UK's financial skills.

It aims to target people as they reach key points in their lives.

It wants various organisations to work together to improve financial skills from childhood through to retirement.

"This is a problem first and foremost for the individuals concerned and for their families, but it also has wider implications for society and the economy," said Andy Briscoe, chairman of the service's Financial Capability Board.

"The stubbornly low levels of financial capability in the UK can no longer be tolerated."

But how many people can build up savings and the system actually punishes you for saving especially with low interest rates. Why save when you can just take out debt to cover unexpected costs?

The finance industry does not want financially literate people, it requires people to be illiterate to profit from them.

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I think with more contactless payments people will become even more dislocated from the idea they are spending cash.

In the old days people on benefits cashed a giro and had a pile of cash to spend and divide up to pay things. These days even benefits are paid directly into the bank making people more removed from cash handling.

There are lots of people in debt because they have been too far removed from actual cold hard cash.

Telling people off for having no savings is ******** when there are penalties for having savings when you need to claim benefits.

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"It wants various organisations to work together to improve financial skills from childhood through to retirement."

"sorry, u cant afford that, here have a tent it only costs 2x income" :D

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People know that to lose weight they need to stop stuffing their faces. But they don't....

People know that to have money they need to stop spending. But they won't...

We can dress it up as being complex, and that people are in need of education, but if the will ain't there, they won't change their destructive habits.

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People know that to lose weight they need to stop stuffing their faces. But they don't....

People know that to have money they need to stop spending. But they won't...

We can dress it up as being complex, and that people are in need of education, but if the will ain't there, they won't change their destructive habits.

That's the bottom line.

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