Thoresen report outlines “Money Guidance” service
by Gill Montia
A report outlining the blueprint for a national Money Guidance service has been published today.
The Thoresen Review of Generic Financial Advice is proposing that a Money Guidance service should provide people with the “knowledge, understanding and confidence” to make sound decisions about money issues.
The service will focus on giving people information and guidance on budgeting, saving and borrowing, protection insurance, retirement planning, tax and welfare benefits.
The service 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 the areas outline.
It is recommended that the cost of the service be borne equally by the Government and the financial services industry, the latter making a contribution in the form of a levy.
Otto Thoresen author of the report says: “I believe that good money sense needs to be as much part of people’s lives in the twenty-first century as healthy eating and keeping fit. Money Guidance will help people deal with the money matters that shape their everyday lives budgeting their weekly or monthly spending, saving and borrowing, insuring and protecting themselves and their families, retirement planning, and understanding the technical language that we in the financial services industry too often use.”
The Government is expected to set up a pilot Money Guidance scheme, which will test out the recommendations of the report over a period of around two years, before a national roll-out.