At last the Financial Services Authority (FSA) is trying to tackle the problems that have been generated through a lack of consumer knowledge, particularly amongst the 18-40 age group, especially relating to savings, student loans, and debt matters.
According to an FSA spokeman, “Today’s 18-40 year olds are faced with greater challenges than were faced by their parents…the cost of not having the necessary skills to make sound financial decisions is becoming increasingly significant.”
Plans are to provide lessons to secondary school pupils in managing money and students in higher education will have access to debt and financial advice.
According to the FSA report,
- Half a million households are in serious financial difficulty, even in current benign economic conditions
- Most Britons are good at making ends meet but not so good at saving for the future
- Seven out of 10 consumers have no savings in place to see them through a sudden drop in income
- 42% of working age adults do not have a personal or workplace pension, yet 81% recognise that the state pension will not be enough for them to enjoy a comfortable retirement
March 28, 2023
lifestyle