Financial education plans "great"

09/07/2009

New plans to boost financial knowledge among Brits have been welcomed by a leading educational charity.

The Personal Finance Education Group (pfeg) said that the reforms could be "great".

Alistair Darling, the chancellor of the exchequer, unveiled a new white paper yesterday which aims to make changes in the financial markets.

Included in the white paper were proposals to set up a national generic financial advice helpline, funded by banks.

This could work along the lines of the Moneymadeclear service currently on trial in the north-west and north-east of England.

It is hoped that a UK-wide scheme would result in increased levels of financial responsibility and lower personal debts among the public as a whole.

Wendy van den Hende, chief executive at pfeg, said: "Our view is for adults to be able to ask the right questions, to get that kind of help that they need, they need to have a knowledge base and a confidence base which they'll only get if it starts from an early age. You need to know what you don't know.

"Having access to free and impartial advice is essential. Our point is that they're not mutually exclusive, for that to work we need to get our foundations in place as well."

Tags; Debt Management and Banking, Young Family Finances, Credit Card Lifestyle,

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