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Society must confront ‘financial shame’ says SFGB chief

Hector Sants

Single Financial Guidance Body chairman Hector Sants says “society must confront financial shame” in a keynote address to delegates at a conference today.

He explained how the guidance body will look to boost financial awareness across the country at a Pensions Management Institute conference in London.

He said it will launch a consultation next Monday to gather views on how it should carry its role forward.

The listening exercise will roll into the autumn when it will publish findings that contains both a national strategy and a three-year business plan to achieve it.

He also said that the body wants to work with all stakeholders to boost the profile of financial awareness so it is seen as important as physical and mental health.

He added: “We have to help people develop the right behavioral attitude towards money. Society must confront the issue of financial shame and tackle the problems of debt.

“The SFGB wants to equip individuals through guidance to have better interactions with advisers and also work with advisers to help improve the financial awareness of people.”

The SFGB is due to be named the Money and Pensions Service on 8 April.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. “I titter ye not” As Frankie Howard would say..

    The creature from the black lagoon (well pond at the bottom of the garden) has risen once again, to do the same thing he has always done… and probably expecting different results.

    So lots of listening (but ignoring), lots of awareness (bank balance is increasing nicely thank you),lots of interactions (but kept at arms length), oh and publish the findings (the daily sport will have a new fictional editorial… maybe the first article could be, Elvis lives and taken out a life time ISA, based on the increased interaction from has new adviser)

  2. Paxo: Who said they wanted “to help people develop the right behavioral attitude towards money”?
    Sants, Cornflakes College, Oxford: Was it me?
    Paxo: Yes, but what does it mean?
    Sants, Cornflakes College: No idea. Is it taking more money-for-old-rope?

  3. It has to start in school from a very early age. There should be a national exam on basic financial planning, which all have to take. Its not hard to put right, it is this simple.

    The older generations are most likely already sorted or in a mess.

    You cannot believe the number of people that don’t understand basis budgeting, percentages and debt. The past solution of printing loads of information to give to consumers is not working, they simply look at it, its looks long and complicated so they don’t read it. Simple Red, Amber and Green lights, warnings would serve the consumer far better.

    This is nothing new, this was being stated 20 years ago, yet here we are again on the same merry go round.

  4. Serious question but shouldn’t this work have already been carried out by MAS? What were they doing?

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