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Consumer Financial Capability: A Comparison Of The UK And Ireland

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Executive Summary

Financial capability refers to the study of a person's knowledge of financial products, their understanding of their own financial position and their ability to choose products appropriate to that position along with their ability to plan ahead financially and to seek and act on appropriate advice when necessary. It has been argued that the related issue of financial literacy is a narrower concept, more focused on knowledge and skills and lacking the important behavioral element of financial capability (Dixon, 2006).

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