UK Money News
2nd January 2008
Improper money management may be 'devastating'
With millions of Britons searching for help with money, one expert has asserted that improper money management can have devastating effects for families and individuals in the UK.
Chris Pond, director of financial capability at the Financial Services Authority (FSA), has highlighted the importance of budgeting skills after research by his own organisation showed that millions of British consumers are fearful of what their first bills of 2008 will reveal.
In response to the study by the FSA and the comments from Mr Pond, the ifs school of finance has insisted that British children should have access to more appropriate personal finance education than is currently the case.
"The figures released by the FSA today add to the wealth of existing evidence that the general public are largely incapable of managing their finances effectively," said Anne Kiem, director of external affairs at the ifs School of Finance.
According to figures from the Credit Action charity, consumers from across the UK currently have a collective total of close to £1,391 billion in personal debts.
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