Financial Services Consumer Panel chairman Adam Philips (pictured) has called for the Consumer Financial Education Body to create a savings campaign similar to the Government’s 5-a-day healthy eating promotion.
Speaking today at the Association of British Insurers savings and protection conference, Philips said that CFEB needs to think of an equivalent message to boost saving rates.
He said: “I would like to see CFEB thinking about an equivalent message about how to save, the importance of protection and how much people spend on housing.
“These are things that many consumers do not understand and need help with.”
Philips also called for the development of portable fact finds so that consumers can shop around for financial products more easily.
He said: “We need to enable consumers to have standardised information on a memory stick that they can take to different outlets and see what products are offered to them. A traditional fact find can take two to three hours to carry out, so consumers are less likely to shop around.”
CFEB chief executive Tony Hobman said: “We will work hard to increase consumer education of financial products and the need to save.
“We do not intend to give regulated financial advice, but we do intend to get as close to the regulated boundary as possible to avoid people falling through the net.”