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Personal Finance

Volume 703: debated on Monday 14 July 2008

asked Her Majesty's Government:

What they intend to do to improve education about managing personal finance in the United Kingdom for young people and adults. [HL4476]

The Government published an action plan for financial capability on 7 July, which set out measures to equip people in the UK with the knowledge and skills to manage their finances, now and for the future. The action plan gave details of the £11.5 million My Money programme, starting from September this year, which will support personal finance education in the curriculum in England. The Government are contributing £6 million to a Money Guidance pathfinder, which is being delivered in partnership with the Financial Services Authority (FSA), which is contributing an additional £6 million. The pathfinder will launch in the north-west and north-east of England from early 2009. Money Guidance will offer adults of all ages easy-to-access, impartial information and guidance on financial matters. The Government are also working with the FSA on a one-stop-shop based on the FSA's Moneymadeclear website and consumer helpline, which will offer impartial information on money and signposts to sources of specialist advice. This will be established and promoted from late summer.