The latest survey from the Money Advice Service concludes we are a nation ‘working hard to manage’ – telling people what they already know being the conclusions of any good survey.
Within the numbers and conclusions on saving rates, lending, public confidence and expenditure levels are some far more concerning numbers. Figures that show a significant segment of the population lack even basic knowledge of financial principles
· 16% of people are unable to identify the balance on a bank statement
· 1 in 3 people don’t understand the impact of inflation on savings
· 12% believe the Bank of England Base Rate to be over 10%
Before we tackle the huge protection gap, inability of first time buyers to get on the property ladder or ticking time bomb that is the pensions black hole the most valuable thing the MAS and government could do is transfer some of the budget it spends advertising its self on TV to a programme of financial education in schools.
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