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Money guidance

What is Money Guidance?


Money guidance used to be known as Generic Financial Advice.  It is the guidance and information that people need on the money matters that shape everyday life.  It covers things like: -


• Budgeting for weekly or monthly spending
• Saving and borrowing
• Insuring and protecting people against unforeseen changes in circumstances
• Retirement planning
• Understanding the tax and welfare benefits systems, and
• Jargon-busting, i.e. explaining the technical language used in the financial services industry.


What are the money guidance pathfinders?


In March 2008, the Thoreson Review of generic financial advice found that a new, independent and impartial national money guidance service would have significant benefits for consumers.   On 14 April 2009, HM Treasury and the FSA launched two pathfinders under the name Moneymadeclear in the North East and North West of England.  Two members of AdviceUK are involved in the North West pathfinder. 


The pathfinders will provide a service offering practical and impartial help and information on money matters for people in the North East and North West of England.  They aim to help people tackle their money worries and make informed financial decisions with confidence, whether it's avoiding debt problems, coping with a change in circumstances, or preparing for the future.  They will test the blueprint for the national 'money guidance' service recommended by Thoreson.  The £12 million pathfinders aim to reach up to 750,000 people in the North West and the North East of England by spring 2010.


Will the pathfinders be rolled out on a national basis?


Yes.  The Budget Report in April this year confirmed that the national money guidance service will begin in April 2010, subject to the preliminary findings from the pathfinders.  This was confirmed in the White Paper, A Better Deal for Consumers, published by the Department for Business Innovation and Skills at the beginning of July 2009. 


How can I find out more about money guidance?


Look out for future issues of the AdviceUK money advice update.  Attend your local Financial Capability Forum.  You can also find further information about money guidance on the Financial Services Authority website: http://www.fsa.gov.uk/financial_capability/our-work/money_guidance.shtml.