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Axa taking families down advice avenue

Aim of the year-long experiment is to show effect of financial education

Axa is running a year-long social experiment into financial advice, putting a group of households under the microscope with half given expert advice and half left to their own devices.

The project, called Axa Avenue, takes place in Brighton and aims to show the effect of financial education and advice in tackling the UK’s savings problems.

Twenty households living in the same community and covering all parts of the financial spectrum have been chosen by Axa as representative of UK society.

Results of the experiment will come in the form of regular financial well-being comparisons and Axa hopes they will provide an insight into how the nation handles its finances.

Last year’s Woman IFA of the Year award winner Saran Allott-Davey will be comp-aring the households thr- ough the year. She has carr- ied out a complete review of each household’s finances.

She has assessed total debt, amount of insurance and protection cover, long-term saving and pensions in place and amount saved each month as a starting benchmark to monitor any changes through the year.

Allot-Davey says: “Many regard finance matters as dull and boring and never talk about money, even to their partners. For most people, getting professional financial advice has not been on the radar. I am looking forward to working with the Axa Avenue households and seeing attitudes changing.”

One of the participants, customer relations manager Kay Doherty, says: “Working with a professional financial adv-iser is going to give me an insight into managing my money that I would never have been able to access normally. I am looking forward to feeling less anxious about my financial responsibilities.”

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