Financial Conduct Authority (FCA) CEO Nikhil Rathi has called for a tackling of “root causes” of financial exclusion and a need for experimentation.
Speaking at Stepchange Connected 2024 in Leeds on Thursday (19 September), Rathi said that without a "sustained commitment" to numeracy and financial and digital literacy, the UK faces an "uphill battle" on financial inclusion. Rathi pointed to a financial education report issued by the Education Select Committee under the previous government, in which submissions unanimously argued that English schools' financial education was "inadequate" and in need of urgent improvement. "[This is] a problem amplified by 40% of school leavers not passing GSCE Maths this year, and one in seven 16-2...
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