Financial Services

HM Treasury written question – answered on 2nd December 2015.

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Photo of Derek Thomas Derek Thomas Conservative, St Ives

To ask Mr Chancellor of the Exchequer, if he will take steps to (a) contribute to the delivery of the Financial Capability Strategy for the UK and (b) ensure that vulnerable young people have the requisite financial skills necessary for working life.

Photo of Harriett Baldwin Harriett Baldwin The Economic Secretary to the Treasury

The government recognises the importance of impartial financial guidance and that increased financial capability for consumers will lead to better outcomes for both consumers and the wider economy. Helping hard-working people achieve their aspirations at every stage of their lives is at the heart of our long term plan. That is why we launched the Public Financial Guidance consultation in October 2015 to seek input on what role the government should play in promoting financial capability, and how the public provision of free-to-client, impartial financial guidance should be structured to give consumers the information they need to make financial decisions. In addition, the government recognises the importance of giving young people the skills they need to make financial decisions, which is why financial education has been on the national secondary school curriculum in England since September 2014.

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