Tuesday 4th March 2008
As many as 750,000 consumers throughout the UK are set to enjoy the benefits of further free financial advice following a government announcement this week.
The chief executive of Aegon UK, Otto Thoresen, announced details of the scheme on Monday morning, stating that the government would invest £12 million trialling the service.
It is intended that through the Money Guidance scheme, people will be better equipped with the knowledge affecting their personal finance decisions.
The Guardian reports that Mr Thoresen estimated consumers on low incomes could be £15 billion better off by 2060 if they were provided with high-quality financial advice
Meanwhile, commenting on the scheme chief secretary to the Treasury Yvette Cooper remarked: "It could be working out credit card repayments, budgeting for a new baby, or planning for retirement - people have to make serious financial decisions at every stage of their lives."
She added that independent advice could help families to make the most of savings options available and establishing workable budgets.
"It could also help prevent people getting ripped off by loan sharks or caught out by the small print on a dodgy financial deal."
The Money Guidance Pathfinder is set to be delivered by the Financial Services Authority and will be jointly funded by both the regulatory body and central government.
It is the culmination if the Thoresen Review, which was established in January 2007 at the direction of the then economic secretary to the Treasury Ed Balls. This was tasked with researching and designing a UK-wide approach to generic finance advice.
©
Everything on preparing your finances for your children's futures. From Child Trust Funds through to tax planning. Request your FREE brochures here.
