Incoming president of the Personal Finance Society Eddie Grant says the issue of consumers not undertaking any financial planning is an urgent issue which needs to be addressed.
Grant was sworn in as PFS president at the body’s annual conference in Coventry today. He takes over the presidency from Mike Fosberry.
At the handover Grant said: “As president I wish to achieve a more strategic goal in trying to improve consumer financial planning engagement.
“Whilst we all recognise the value of advice, there are many consumers who do not undertake any financial planning. This is a national issue and one we should seek to address as unless there’s a change in this cultural gap in savings and protection needs we really have a moving problem in this country.”
His comments echo Money Marketing’s recently launched Pave the Way to Save campaign, which calls on the regulator to be given a statutory objective to help plug the protection gap and boost the UK savings market.