The move is designed to address the UK’s underlying hidden crisis of confidence in straightforward banking tasks that could save people money. From RBS research, 2.6 million people in the UK never check their direct debits and are wasting £25 billion each year on unwanted and unused regular payments as a result. Today’s announcement means that the bank will reach 2.5m people across the UK, each year, with an interaction that will help them feel more confident and in control of their finances.
These interactions include financial education lessons for young people, personal financial health checks and other tools and resources to help people to be more financially capable, including Friends Against Scams training.
Watch CEO Alison Rose talking about the bank’s commitment to help 2.5 million people in the UK each year to improve their financial capability through programmes such as MoneySense and Financial Health Checks.
Speaking at a MoneySense lesson in an Edinburgh primary school to launch the target, Alison Rose, Chief Executive of RBS, said:
“Financial capability and confidence in your money is so important. We know that a lack of financial capability can hold people back from what they want to achieve and helping children and young people to understand money early can make a real difference. Through MoneySense, our Financial Health Checks and other tools and resources, we want to empower people to take control of their money; to get the most out of it by budgeting, saving and planning for their future”.
“We thrive when our customers and communities do and so if they’re not feeling confident in money then it is core to our purpose as a bank to do something about it. We have the people and the tools to help”.
RBS has been running its MoneySense programme for over 25 years – a free financial education resource for schools, parents & young people aged 5-18 to help improve financial confidence. The bank also offers free Financial Health Checks – a face-to-face, by phone, or by video, confidential service open to customers and non-customers that offers a chance to talk through your money plans with a Senior Personal Banker.