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Financial duty should be social norm

A Treasury minister has suggested that failing to protect your family financially should become as socially unacceptable as smoking in front of your children or drink-driving.

Speaking at an Aegon and Social Market Foundation event at the Labour conference on Monday, Exchequer Secretary to the Treasury Sarah McCarthy-Fry agreed with comments made by Aegon head of public affairs Francis McGee that financial protection should become a social norm and a core part of the FSA’s financial capability and money guidance programme.

McGee said: “We need to ingrain the idea that saving, protecting your assets, protecting your income, protecting your family in case something happens to you, is not just a sensible thing to do it is part of civic society, it should become a social norm, like not drinking and driving and not letting your children inhale cigarette smoke.”

McCarthy-Fry said: “I agree with a lot of Francis’s points about it being akin to drink-driving and not smoking in front of your kids and we should be thinking about it in terms of using financial services to protect us.”

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  1. What about diversity
    The Labour party seem to forget that life insurance using PLCs is maysir so should only be arranged with co-operative or mutual insuers in oder to be Takaful……….

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