The Action Plan, launched today, includes a £12m programme starting early next year, to deliver free advice on budgeting and money management to households in the North East and North West of England, following the recommendations for Money Guidance in the Thoresen Review.
The Action Plan will also include financial education in schools with an £11.5m programme over three years to improve children’s financial capability and a £16m FSA programme called Learning Money Matters, which is also directed at children.
There will also be greater promotion of the Financial Services Authority’s MoneyMadeClear consumer website and helpline so that it becomes a one-stop-shop for financial help.
Chief secretary to the Treasury Yvette Cooper MP says: “We need to make it much easier for people to get access to information, help and advice
“The Government is also determined to do more to create an environment where people get personal finance education and information from the start of their lives to the end; helping them with money problems and supporting them at key points in their lives, for example moving into higher or further education, having a baby, or planning their retirement.”
FSA chief executive Hector Sants says: “We are delighted that together with our partners in the Treasury we are able to announce our chosen regions for the money guidance pathfinder, as well as new plans to extend our information campaign to benefit the many people who may be struggling with their finances in these tougher times.
He adds: “In partnership with the Government, we want to develop money guidance to help consumers to be able to make sound money choices, to know what questions to ask of their financial service provider, and, just as importantly, to have the confidence to do so and to know where to go if things go wrong.”