Money Advice Service

HM Treasury written question – answered on 29th June 2016.

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Photo of Julian Knight Julian Knight Conservative, Solihull

To ask Mr Chancellor of the Exchequer, whether any of the successor organisations to the Money Advice Service will have a specific remit to promote financial education amongst young people.

Photo of Julian Knight Julian Knight Conservative, Solihull

To ask Mr Chancellor of the Exchequer, whether any successor organisations to the Money Advice Service will have a remit to promote financial capability amongst the public.

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

The government is committed to improving financial capability among the public and recognises that increased financial capability for consumers will lead to better outcomes for both individuals 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 Budget 2016 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. The consultation closed on 8 June. The government is currently considering the responses and will respond in the Autumn. 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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