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What is the Resolution Foundation?
The Resolution Foundation is an independent research and policy organisation established in 2005. Our goal is to improve the wellbeing of low earners in today’s mixed economy. We aim to deliver change in areas where this income group is currently disadvantaged by producing new research and actively engaging in the policy-making process.
Who are "low earners"?
We define low earners as those individuals who earn less than median incomes but who are receive less than 20 per cent of their incomes from state benefits. Households earning between around £14k and £23k and individuals between around £7.3k and £12k would fall into this group.
What was the Foundation's first project?
The Foundation works on a project basis, actively lobbying to ensure that our work delivers outcomes. We focus our resources on one major development project at a time. Out first research project was to explore how low earners access financial services, and how any obstacles to this access could be overcome.
We carried out and commissioned a number of pieces of original research, economic modelling and analysis, exploring costed solutions for a national advice service. In January 2007 the Treasury announced an independent review into the provision of generic financial advice led by Otto Thoresen, the Chief Executive of Aegon UK. Their final report, published in March 2008, recommended a new national Money Guidance service, which drew from the Resolution’s own work. The Government endorsed this report and, with the FSA, committed £12 million to a regional path finder to test a new service.
What is the Foundation currently working on?
Our second major project, which began in January 2008, has been to explore how low earners fare in the system of long term care for older people. We wanted to make sure we moved forward into an area of policy which materially affected low earners within the context of a mixed market, but also where we might add value and could achieve change with our approach of developing pragmatic recommendations, based on robust evidence and economic analysis. We felt long-term care met these criteria:
- There is evidence of need for reform and a window of opportunity to influence the reform process
- The long-term care sector functions as a mixed market of funding and provision
- It is an area which directly impacts on the lives of low earners
How is the Foundation funded?
The Foundation is an independent, charitable organisation. It is funded in a personal capacity by Clive Cowdery, who is also Chairman of the Board of Trustees. The Foundation is not funded by Resolution PLC and does not currently receive any financial support from other sources.
What is the relationship between the Resolution Trust and the Foundation?
The Resolution Trust is a separate charity set up in December 2007 by Clive Cowdery in the wake of the sale of Resolution PLC, a company founded by Clive in 2003. The newly created Trust will ensure continued funding for the Resolution Foundation’s work, and will also be able to contribute to the work of other charities, with a particular interest in promoting increased social mobility.
What other issues does the Foundation work on?
In order for the Foundation to remain engaged in the issues of financial advice and the field of financial capability more widely, we have established the Financial Health Forum. The forum is an independent body of experts, which aims to progress thinking and practice on issues relating to the population’s financial health.
We will also be furthering our understanding of low earners, looking into the concerns and issues which affect this group in particular.
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