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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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There is one comment at the moment, we would love to hear your opinion too.

  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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