Research & Policy / Financial Health Programme

The Resolution Foundation's first project was to explore how low earners accessed financial advice.

Following a period of detailed research and consultation, we published proposals for a new national service to provide generic financial advice, targeted at people in this income group, and conducted an extensive lobbying campaign on this issue throughout 2006.

This work culminated in the announcement by the Treasury of a review, led by Chief Executive of AEGON UK, Otto Thoresen, to determine how such a service should be established. The Thoresen Review's final report in March 2008 recommended a pathfinder of a new Money Guidance service be created to test some of the details of implementation. The Government launched their new money guidance service 'Moneymadeclear in April 2009. The service was piloted in the North East and North West of England, and the service is being rolled out nationally in 2010 by the new Consumer Financial Education Body (CFEB).

Although the goal of generic financial advice is being realised, there is still work to be done in helping low earners access the financial products and services that they need to participate fully in society. There is much important work taking place in the areas of financial inclusion, financial capability and the financial services and the Foundation is keen to continue contributing to the debate. The Financial Health Programme is the platform through which the Foundation delivers its work in this area.

Financial Health describes the financial well-being of an individual or society as a whole. It is influenced by such factors as environment, lifestyle, availability of financial services and personal choice. In much the same way as health in general, financial health can fluctuate over time and is not a static condition.

The purpose of the Financial Health Programme at the Resolution Foundation is to develop the concept of financial health, map service provision in the three areas of 'primary, 'preventative and 'remedial and identify what else is needed to improve financial health in the UK.

What we are doing

Financial Health Forum

The role of the forum is to progress thinking and practice on issues relating to the financial health of the nation. The forum is made up of individuals from a range of sectors and specialisms, all with a direct interest in the nation's financial health, and including umbrella bodies of the financial services industry.

Financial Health Index

The purpose of the Index is to monitor the financial health of the UK using 15 indicators in the three areas of 'preventative, 'primary and 'remedial