New guide launched to help banish financial confusion (Apr 2005)

12 April 2005

Credit Action, the money education charity, has launched a new Moneymanual, ‘Thinking about money', designed to help people take control of their finances.
Personal debt in the UK is expected to explode through the £1.1 trillion barrier in June, yet at least one third of adults say that they lack any confidence in handling their finances. At the same time, the demise of the Consumer Credit Act thanks to the election means that consumers will not have the additional protection promised by the Government.

The guide has been welcomed by Stephen Timms MP, Financial Secretary to the Treasury, who said:
"This is an excellent guide to help put people in control of their finances, full of sound advice and useful tips. Credit Action is to be congratulated on producing such a helpful guide. The Government fully supports and is committed to improving financial education for all, so that everyone has the skills and knowledge they need to manage their finances confidently."

The guide covers a wide range of topics, including saving and investing - particularly relevant given that according to the government's own figures, 45% of adults currently have no pension provision. Other topics featured in the guide are:

• Planning for life events
• Budgeting
• What to do if you are in debt
• How to improve your credit history
• Using credit wisely
• How to make a complaint about a product or service
• What to do if you are in debt
• A financial jargon buster, to help you understand everything from APRs to IVAs

It has been launched at a time when there is mounting concern about the complexity of the financial services market and the lack of clear money education available to help people to make informed choices. Keith Tondeur, national director of Credit Action, was one of the commissioners on the Griffiths Commission on Personal Debt which reported in March.
He said:
"Financial products are difficult to understand, particularly when there are teams of marketing and sales people trained to make us buy. People need a source of information which is comprehensive, accessible as well as unbiased."
Copies of the Moneymanual Thinking about money are available from Credit Action for £3 each (discounts for multiple purchases). To order a copy contact 01522 699777 or go to www.creditaction.org.uk.