In response to your article outlining comments made by the AMI’s Robert Sinclair about the Money Advice Service, I dispute Robert Sinclair’s notion that we “have struggled to get a grip with what it is [we] really want to deliver”.
First, we have already helped more than 2.5 million customers and around 70 per cent of those say we helped them decide on a course of action.
Second, we have a very strong direction for the period ahead. Our business plan, published last month, clearly sets out how we will help people achieve very specific outcomes: manage their debt, save regularly, protect what they own, provide for their dependents and save for retirement. We set out an ambitious target of achieving this in 480,000 cases in the year ahead.
I would also dispute the notion that incorporating financial education into the national curriculum will lead the service to wither on the vine. The proposal to add financial education to the curriculum is hugely welcome and we want to work with partners to make sure that this and other initiatives aimed at younger children transform the financial awareness of tomorrow’s generation.
But with more than half the population saying they have never received financial advice, there is a clear need for the advice we provide.
I hope Robert Sinclair and his members will join us as we press forward to achieve our shared vision of a UK population that is more confident and adept at managing its money.
Money Advice Service