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Govt considers financial education commissioner in the UK

Government is looking at ways of introducing a financial education commissioner in the UK under its plans to boost financial awareness in schools.

The Insurance Industry Working Group, co-chaired by Alistair Darling and Aviva chief executive Andrew Moss, says Government is looking at ways of mirroring the New Zealand Retirement Commission in a bid to develop “a more co-ordinated approach to financial literacy and education”.

The NZRC is an autonomous crown entity that, in partnership with industry, helps New Zealanders prepare financially for retirement through education, information and promotion.

In is recent paper, vision for the insurance industry in 2020, the IIWG says: “The Commission has clear objectives and a statutory purpose centred around financial capability, and provides a helpful starting point for thinking about a UK financial education commissioner.

“In New Zealand, the Sorted website is positioned as a one-stop-shop for impartial information for consumers on financial issues so, in a similar way, the proposed UK body would be expected to lead the Money Guidance service, offering face-to-face personalised guidance as well as a hub for impartial web-based information.”

The Government has already announced its intention to make financial capability a statutory subject in the secondary curriculum in England as part of personal, health, social and economic education, and is currently consulting on plans to implement this.

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