The Association of Investment Trust Companies is calling for a levy on product providers to fund personal finance education for consumers.
Supporting the Personal Finance Education Group's Excellence & Access project, the AITC says if significant progress is to be made in extending the public's financial capability, funding of the initiative needs to be boldly addressed.
Communications director Annabel Brodie-Smith says the AITC would not be looking to make IFAs pay the levy and would focus on providers.
The AITC suggests that National Lottery funding could also be secured and has submitted a proposal to the culture, media and sport select committee's inquiry into reform of the lottery.
AITC director general Daniel Godfrey says: “Goodwill and good intentions are not enough to deliver a compelling long-term financial capability programme. Adequate funding and commitment from central Government are also required.
“The AITC recognises the funding pressures the FSA is under and suggests the financial services industry contributes to a levy. It is also critical that the Government moves personal finance education higher up the policy agenda in addition to providing core funding.”