A new government scheme is currently in development to be rolled out across the UK at some point in the next few years. The GFA (Generic Financial Advice) service will make available to everyone in the UK basic, but free, financial advice to help people make better decisions about their money before getting into serious debt.
It will be aimed at all UK consumers but primarily it is targetting those 750,000 people classed as ‘vulnerable’.
It’ll cost a lot to run but in the long run it should hopefully save us a lot of money too.
Teaching people about how to manage their finances and make good money decisions is a great idea. As is the proposal that MoneySaving Expert Martin lewis has for going into schools and teaching teenagers about money.
Read all about it at FinanceLocator.co.uk
I think it is good that the government is trying to reduce the percentile of ‘vulnerable’ classed people. But, this will also help other people to understand their financial position better. And yes, the idea of teaching finance to a teenager is sounds really good. This will surely help the economic growth as we will be educating future investors.