You are here: Home - Saving & Banking - News -

Free help with money matters for all

0
Written by:
15/01/2007

Every adult in the UK is to be offered free advice about personal finance products in a national scheme being set up by the Government.

The initiative is projected to be up and running by 2012 to coincide with the new Personal Accounts pension scheme, into which up to 10 million people will be enrolled to head off an imminent pensions crisis.

Such is the concern that many people in the UK lack even the most basic knowledge about personal finance products, like saving and investment, and mortgages that top hitter Otto Thoerson, chief executive of Aegon UK, has been appointed to design the scheme by the end of the year.

The service will cost around £50m a year to run and this will be shared by Government and the personal finance industry. It will comprise a national helpline, website and a network of new and existing advice centres. Special efforts will be made to encourage low-income groups to use it.

“Financial decisions are difficult. Financial products are complicated and there is too much jargon,” said Ed Balls, Treasury minister. “This puts people off, or they can end up buying something, like a saving and investment product for example, that is not right for them.”

 

 

Related Posts

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Kids’ cash the biggest worry for mums

Britain’s mums worry more about their children’s financial futures than their own when it comes to money concerns, according to...

Close