UK Money News
3rd March 2008
Thoresen report backs money guidance service
A government-commissioned report has supported the establishment of a money guidance service to help British people manage their finances.
The Thoresen review found significant support for such a service, with 75 per cent of those polled saying they would make use of it.
The government is keen to improve financial knowledge amid growing concern about the level of personal debt in Britain.
Collectively, the country owes more than £1 trillion and with the credit crunch biting hard many people could struggle to make ends meet this year.
"I considered whether an entirely new organisation should be set up to run Money Guidance, but concluded that in the short to medium term the FSA should take this forward," Mr Thoresen said.
"I believe it makes sense for this important initiative to be led by an organisation that is recognised as a world leader in financial capability."
Mr Thoresen recommended that the service provide a wide range of information and advice but stopped short of recommending particular products.
He also said it should make use of the internet, telephone and face-to-face meetings.
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