The Government must demonstrate that the money guidance service can build on existing debt and money services and that a sustainable, value-added, service can be delivered, says the Investment Management Association.
The IMA says the new service should include a focus on people who have money to spare, but do not save, and people who do not save enough.
It says the service could help guide and educate individuals on how to plan ahead and save accordingly and show them where to find specialist advice in that process.
IMA director of training and education Victoria Nye says it is important to have an impartial, accessible service that will increase people’s willingness to save and invest wisely.
She says: “Educating the public on financial matters has become essential. The national money guidance service has to demonstrate that it is adding value to what is already on offer, from existing debt advice services through to regulated financial advice.”