Now available – CFCFE’s fourth publication so far in 2020. Financial capability: supporting members towards greater financial wellbeing is authored by Dr Lindsey Appleyard, Professor Sally Gibb and Dr Hussan Aslam at Coventry University’s Centre for Business in Society (CBiS).
Just now, this will be of particular interest to credit unions as some of their members will be finding out just how financially resilient they are to a crisis. Those of us involved in community finance know that the financial capability of adults is key to their financial wellbeing, yet, for example, half of all adults in the UK are financially vulnerable. Credit unions, like other co-operatives, are committed to the education of their members. This paper examines the role of credit unions in improving the financial capability of their members, through the provision of financial education and resources for credit unions to support this process. The findings come from recent research at Coventry University that tested the effectiveness of practical education materials designed to improve financial resilience. Recommendations are included through a series of action points.
The paper also shares details of a free-to-use MoneySkills app that offers money management guidance and provides an interactive budgeting tool. The app is available free in iOS from the App store or for Android from the Google Play Store, with a web-based version available at: https://www.moneyskillsapp.com/home.
CBiS is keen to hear from credit unions or other providers on the issue of financial capability: contact Lindsey via email@example.com. For other queries, contact Nick at CFCFE via firstname.lastname@example.org.