The Treasury plans to launch a money guidance pathfinder project early next year to help households across the north west and north east of England by providing advice on budgeting, money management and planning. The project will offer personalised support to people looking to make their money go further.
The service will focus on giving people information and guidance on budgeting, saving and borrowing, protection insurance, retirement planning, tax and welfare benefits. It will be made available by telephone, via the Internet and face-to-face, and it may use accredited partner organisations that have a proven record of success in providing advice in this area.
The project is a key element in the Treasury’s strategy to give people more support to tackle their money concerns and help them to become better informed, better educated and more confident with money.
Other measures in the strategy include expanding of the Financial Services Authority’s Moneymadeclear website into a one-stop-shop for information and support. This will direct people to specialist advice on issues such as problems with debt, mortgages or utility bills, as well as providing information for first time buyers or other people looking for financial help.
There will also be support for personal finance education in schools, through the three-year programme My Money and the FSA’s Learning Money Matters programme. This will support financial capability for children and young people from ages four to nineteen, focusing on the financial decisions children meet from when they first encounter money until they leave school.