Financial advice service launched in UK

Wednesday, April 28th 2010

Britons who have financial concerns may be pleased to hear of a new service offering them advice on how to avoid debt and manage their money.

Launched on Monday (April 26th), the Consumer Financial Education Body (CFEB) has a parliament mandate to develop consumer financial education and give people the knowledge to manage their money.

Wendy van den Hende, chief executive of national charity pfeg, says: "Having a body [that] is dedicated to financial education and capability is going to be really important."

The service will be free of charge for those seeking advice and offers support through a range of mediums, such as face-to-face and online.

While the CFEB may not turn the UK into a "nation of savers" immediately, it should show people the consequences of getting into debt, Ms van den Hende explains.

And if people were to suddenly stop spending altogether and save all their money, the economy would suffer, she warns.