In the pre-Budget report documentation released today, Government says it is “committed to supporting and empowering consumers to plan for the future” and is therefore pumping £20m into the scheme.
Government will use at least 25 per cent and up to £100m of funds expected to be released through the dormant accounts scheme to support the delivery of Money Guidance.
The paper says: “This will enable the service to help one million people by March 2011.”
A newly-formed independent consumer financial education body will lead the roll-out of Money Guidance, as well as take forward the FSA’s National Strategy for Financial Capability.
Government has also committed to injecting £5m to fund extended opening hours at the Citizens Advice Bureau in 2010-11, helping an additional 300,000 people.