If children grow up learning the true value of money and how to handle it, it makes our role as a mortgage advisor much easier. It also helps those taking their CeMAP training if they have a genuine interest in money management, as CeMAP 1 covers areas of the syllabus such as pensions and savings accounts too.
The Financial Services Authority (FSA) has created a range of projects to assist children of all ages in their financial education, some of which are listed below:
• Money doctors are working in colleges and universities to help students learn essential skills. The programme trains student advisors who can then in turn help other students with their budgets and debt problems. Over 50 universities are taking part.
• The FSA produces ‘A Parent’s Guide to Money’, a publication to help those starting a family. It also produces publications for those suffering with a serious illness.
• The FSA is due to start a Money Guidance service, offering free and impartial advice over the internet, via the phone and face to face too
• Making the Most of Your Money is a seminar programme operating in the workplace funded by the FSA
The Government wants to use more workplace education to keep employees updated on items such as planning their retirement.
Hector Sants, FSA chief executive, says: ‘We want to help consumers make sound choices, to know what to ask of service providers and where to turn if things go wrong.’