View more on these topics

Aviva questions ‘commercial benefit’ of investing in financial education

Aviva has questioned whether investing in financial education delivers sufficient “commercial benefit” to make it worthwhile.

Speaking at the Personal Finance Society annual conference in Birmingham last week, Aviva UK life retail and partnerships director Andy Curran said the provider must balance its social responsibility with its responsibility to its shareholders.

He said: “The weakness of investing in financial education is, we need to get a commercial benefit, and we need to get a commercial benefit reasonably quickly.

“We do take our responsibilities as one of the largest insurers in the UK very seriously. We believe we have a social responsibility and a responsibility to the industry, but equally we have a responsibility to our shareholders.”

Financial education will form part of the national curriculum in September 2014. Key stage 3 will cover the uses of money, budgeting and financial products, while key stage 4 will cover wages, taxes, credit, debt, financial risk and more sophisticated financial products.

In 2010 the charity Personal Finance Education Group had its central Government funding removed and had to make 75 per cent of its staff redundant.

Click here for all the news from the annual PFS conference



FCA delays review of fees overhaul

The Financial Conduct Authority has delayed a review of the way it calculates firms’ regulatory fees, which could see the current fee block model scrapped. In April, the regulator set out plans to explore alternative methods for allocating regulatory fees, including charging fees based on income or risk. It was set to issue a discussion […]


KRS ditches ‘free of charge’ non-advised claim

Non-advised annuity broker Key Retirement Solutions has changed the way it describes its charges following accusations it was “misleading” customers. Last week, Money Marketing reported adviser concern about KRS’ claim that its service is “completely free of charge”. In a section on the firm’s website setting out frequently asked questions, KRS asked: “How much will [the […]


Skandia appoints research head for Select range

Skandia has appointed former Julius Baer executive director Stuart Clark as research manager of investment solutions. Clark will be responsible for research into Skandia’s new Select range. He has previously held roles at Merrill Lynch Wealth Management, UBS and BDO Investment Management. Skandia head of investment solutions Dean Bowden says: “I am delighted Stuart has joined […]

Caroline Rookes

MAS: We help 2,000 people a day

The Money Advice Service says it changed the financial behaviour of 2,000 people a day in the three months to June.   The MAS commissioned research firm Ipsos Mori to ask 483 users a series of questions to assess whether the organisation is helping people protect assets, provide for dependents, save regularly, prepare for retirement […]


News and expert analysis straight to your inbox

Sign up


There are 4 comments at the moment, we would love to hear your opinion too.

  1. How sad to see this. We used to be an industry focused on long tem business. In that environment we would have been keen to educate the public on finance because it was not only socially responsible but also in the long term interests of the business.

    The short termism of analysts, shareholders and executives needs to be urgently addressed. Failure to do so condemns future generations to lower savings, a problem that is already apparent. With lower savings levels the companies that are in business to serve investors will find fewer assets to scrabble over in the future.

    A failure to tackle the savings problem endangers the long term strength of our economic recovery.

    If our industry is not prepared to tackle these issues then who will?

  2. “In 2010 the charity Personal Finance Education Group had its central Government funding removed and had to make 75 per cent of its staff redundant.” And, by a process of creeping starvation, the same thing’s being done to CAB’s across the country, to be replaced by the MAS, funded by compulsory levies against the IFA community. Those who refuse to pay will be put out of business. So much for freedom of choice, let alone democracy.

    It’s all very well for the MAS to claim that it helps 2000 people a day by formulating personal financial management plans but these are of little or no value unless people actually stick to them long term and on that the MAS appears to have no strategy for checking up a year or two down the line.

  3. Whist I agree that financial education should be a key element of the national curriculum, there also has to be an element of ‘help yourself’ at play here. Car manufacturers do not teach us how to drive. Book publishers do not teach us how to read. There are a whole list of industries that provide solutions for the public but on the assumption that they have got off their backsides and taken an interest to learn how to use what they are providing.

    Surely if providing ‘financial education’ is someone’s job, then it’s the job of the adviser, to work within the communities they operate and ‘educate’ local people to help them secure a better financial future? Why should this be the job of a product provider?

  4. There seems to be an agreement here that financial education is much needed – I think what Mr Curran is saying is that given the cost cutting that is being expected of Aviva and other providers they cannot afford to do it, MAS is doing some but its effectiveness is debatable and I would question why an adviser should be expected to do it surely they are remunerated for advice. As it becomes part of the National Curriculum in 2014 our children will be better prepared but what of those who left school years ago and make up the bulk of our adult population. Until this is addressed I fear misunderstandings will continue which do nothing to help our industry

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm