Financial Capability Survey, 2018

<P>Abstract copyright UK Data Service and data collection copyright owner.</P><p>The Financial Capability Survey is a nationally representative survey of UK residents, commissioned initially&nbsp;in 2005 by the Financial Services Authority and then from 2015 onwards by the Money and Pensions Service (formerly the Money Advice Service), to support the development and delivery of the&nbsp;<a href="http://www.fincap.org.uk/" target="_blank" style="background-color: rgb(255, 255, 255);">Financial Capability Strategy for the UK.</a>&nbsp;<br></p><br><p>
<p>The <span>Financial Capability Survey, 2018 </span>is the third survey in the series for which interviews were conducted with a UK nationally representative sample of 5,974 adults. The sample was boosted in each of the devolved nations (Scotland, Wales and Northern Ireland) to ensure a robust base for analysis in each nation. The mixed mode approach aimed to balance online with offline interviewing, as informed by a number of successful surveys.<br>
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For the 2018 survey, there were additional research objectives to:</p>
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<li>Update and improve the 2015 Building Blocks analysis;</li><li>Validate measures derived in 2015;</li><li>Improve the survey design to increase overall effective sample size enabling more effective analysis of important sub-groups such as devolved nations, young adults, older people in retirement;</li><li>Improve measures of retirement planning.<br>
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For comparability purposes, the basic methodology remained the same as in 2015. This includes the mix of online (via a panel) and face-to-face fieldwork techniques. However, to build on learnings from 2015, some improvements were made to the approach, all detailed in the technical report.</p><p><span style="font-weight: bold;">Latest edition information</span><br>For the second edition (August 2020), an updated version of the data file containing additional analysis variables and a new document covering the Financial Wellbeing Segmentation model were added to the study.</p><br><B>Main Topics</B>:<BR><br>The survey covered; financial wellbeing; financial literacy; financial numeracy; subjective well-being; life satisfaction. Information was also gathered on: self-reported behaviours of managing money well day-to-day, preparing for and managing life events and dealing with financial difficulty; saving, spending, shopping around, credit use, budgeting, keeping track, impact of life events, planning and protection/insurance; and enablers or inhibitors of financially capable behaviour: skills, knowledge, attitudes, motivations and ease/accessibility