The Financial Capability Action Plan sets out new measures to give people free advice and assistance to help them to better manage their finances. The action plan also makes further progress towards the FSA's and the Government's goal of helping people become better informed, better educated and more confident with money.
The key initiatives outlined in the plan, include:
* Development of an expanded one-stop-shop for information and support based around the FSA's Moneymadeclear website and consumer helpline, to be promoted widely after the summer. This will direct people to specialist advice on issues such as problems with debt, mortgages or utility bills, as well as providing information for first time buyers or other people looking for financial help.
* A new £12m programme to deliver new free advice on money matters including budgeting, money management and planning to help hundreds of thousands of households across the North West and North East of England as part of the Money Guidance "pathfinder" recommended by the Thoresen Review of generic financial advice. It will be launched early next year, providing personalised support to people looking to make their money go further.
* Support for personal finance education in schools, through the Government's new £11.5m three-year programme My Money and the FSA's Learning Money Matters programme. This programme will support financial capability for children and young people from ages four to nineteen, focusing on the financial decisions children meet from when they first encounter money until they leave school.
Launching the action plan, chief secretary to the Treasury Yvette Cooper MP, said: "Many families are feeling the pinch as a result of high fuel and food prices, and the impact of the credit crunch on mortgage lending. But when people are facing money worries they often don't know where to turn. We need to make it much easier for people to get access to information, help and advice.
"The Government is also determined to do more to create an environment where people get personal finance education and information from the start of their lives to the end; helping them with money problems and supporting them at key points in their lives, for example moving into higher or further education, having a baby, or planning their retirement."
