The qualification was inspired by a survey conducted by the Financial Services Authority (FSA) which found:

• Many people are failing to plan ahead adequately for retirement or for an unexpected expense or drop in income.
  
  
• Although only a small proportion of the population is experiencing problems with debt, they are often very severely affected.
  
  
• People do not take adequate steps to choose products to meet their needs.
  
  
• The under 40's are less capable, on average, than their elders.

Financial Capability in the UK: Establishing a Baseline (PDF)
FSA report - March 2006

Working with NIACE (National Institute of Adult Continuing Education); Financial Services Authority, Financial consultants and advisors, the BCS has developed a suite of Personal Finance qualifications at Level 1 and Level 2.

Developing Financially Capable Young People (PDF)
In March 2008, Ofsted published a report on developing financially capable Young People. View the key findings from this report.