One thing is clear: financial literacy is more essential than ever. Budgets can only achieve their intended outcomes if people understand how policy changes apply to their own finances, whether that’s tax thresholds, savings incentives or pension rules.
For example, the Government has signalled that it wants to encourage more people to switch from saving to investing to support economic growth. But without the knowledge and confidence to know where to start, weigh up risks and spot opportunities, many households will struggle to engage.
At the same time, many families are already contending with rising living costs and reduced disposable income, which makes financial capability even more valuable. Understanding money doesn’t just help prevent mistakes, it opens doors, empowering people to make informed choices and build a secure, optimistic financial future.
Leon Ward, CEO of Money Ready, said:
Budgets shape the financial landscape we all have to navigate, but without the tools to understand them, many people are left unsure of how to respond. High-quality financial education gives young people and adults alike the confidence to make informed decisions, not just to avoid hardship, but to take advantage of opportunities.Leon Ward, CEO of Money Ready
In a period of change, empowering people with financial knowledge is one of the most effective ways to build resilience, security and long-term prosperity.
Money Ready is calling for a sustained commitment to high-quality financial education for every person. When people understand their options, they’re better able to adapt, plan and thrive, no matter what future Budgets bring.
For a breakdown on the specific elements of the current Budget, go to The Guardian and Yahoo Finance.
You can also watch Martin Lewis’s Money Show: Budget Special on ITV on Thursday 27th November at 7.30p.m.