The FT’s charity is filling vital gaps in public understanding of money
, is now more than a year old. As cost of living pressures weigh down on populations around the world, its mission could not be more resonant. Early in 2020 we decided to be more ambitious in our charitable outreach than partnering as before with different NGOs and raising awareness of their work. The cause we chose addresses an issue that the financial world has both created and neglected.
Vast gaps in basic financial knowledge and understanding, estimated by the World Bank to afflict two-thirds of the global population, are compounding the financial pressures inflicted by high inflation. Boosting financial literacy levels can help relieve those pressures. It can also empower individuals to save, invest and found businesses.who didn’t understand their own finances have been hoodwinked by unscrupulous hangers-on.
FLIC, the FT’s Financial Literacy and Inclusion Campaign, has been targeting groups that research has shown are most likely to benefit from a boost to financial literacy. These include women and young people, as well as a range of disenfranchised communities from gig workers to older people without access to digital services.
In its first year, FLIC has hosted a number of educational sessions for its target groups. It has also developed a programme of financial education for workers with unpredictable incomes, in partnership with the Association of British Insurers. But much of its work has focused on developing and delivering financial literacy education for school students.
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