Financial literacy high on the agenda for Citizens Advice

The head of Citizens Advice has welcomed a bid to improve financial literacy in the UK.

15:03 28 May 2004

The head of Citizens Advice has welcomed a bid to improve financial literacy in the UK.

It follows the launch of a strategy document by the Financial Services Authority which is aimed at improving people's ability to make financial decisions for themselves.

The FSA document 'Building financial capability in the UK' was launched yesterday and sets out how various organisations in the public and private sectors can work together to increase the public's understanding of the financial system.

The chief executive of Citizens Advice, David Harker said: "There are so many financial products out there now that many people feel swamped with information and unable to make an informed decision."

He says the confusion many people feel merely compounds money worries: "Evidence from bureaux shows that this lack of knowledge plays a contributing part in increasing levels of debt and poverty."

Mr Harker went on to note: "It is in the interests of society as a whole to improve consumer financial capability and we support John Tiner and the FSA in drawing together a diverse group of organisations to promote financial capability."

The Citizens Advice service offers free, independent and impartial help about money matters, legal advice and other problems.

The financial literacy work of the Citizens Advice service will be showcased in a document entitled 'Net Gains' to be launched soon by the charity.