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CII champions WeightWatchers-style financial planning

The Chartered Insurance Institute is recommending a new model financial health plan for women designed around the WeightWatchers scheme.

The latest Thinkpiece paper, written by former president of the Personal Finance Society Carole Nicholls, says the industry should offer a plan focussed on outcomes, with a mentor available to help with life or financial disruptions.

Research by the CII found that 50 per cent of women do not feel confident about making financial decisions, as opposed to only 38 per cent of men.

Just over 30 per cent of women felt they do not understand financial products sufficiently, compared to 26 per cent of men and 75 per cent of women say simplicity is important to them when selecting a financial product. Only 66 per cent of men say the same.

Nicholls Stevens Financial Services director Carole Nicholls says: “The current systems of financial advice is product-driven, the key information being supplied in a booklet or report full of jargon for the individual to select the most suitable product. Attitudes to financial advisers vary between men and women, with women holding financial advisers in lower regard. Specifically saying that they find advisers poor at communicating in clear and simple language without being patronising.

“The new model I am suggesting offers the individual a personalised financial plan to work to which should focus on the outcome as well as the investment, making the connection between the product and the result in real-life terms.”


The longer goodbye

The default retirement age of 65 could shortly be a thing of the past judging by recent Government proposals.

Tight grip is the right way

It was a Sunday just after 9am, in my kitchen watching the Andrew Marr Show, when I had one of those spitting my cornflakes moments. It was at the beginning of the interview when Marr casually asked George Osborne what the Conservatives will do about financial regulation in the country starting with the FSA. Osborne’s reply was bold and to the point: “We are going to abolish the Financial Services Authority”.

Graphic Content – August

Given the release of employment data from the US on 5 August, we wanted to focus on employment data in this month’s Graphic Content. The Graphic Content below shows us that young and middle-aged workers were hit the hardest by the Great Recession and have never caught up. Since the job market started to recover […]


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