Government unveils plan to tackle lack of financial capability

The government has unveiled its plan to tackle the relative lack of financial capability among consumers across the country.

As part of the so-called Financial Capability Action Plan, the Treasury and the Financial Services Authority (FSA) will be aiming to ensure that people struggling to become debt free have greater access to expert advice and relevant information that could help them.

Among the arrears of focus for the plan will be the provision of internet-based resources, such as the FSA’s Moneymadeclear website, which will include a section dedicated to dealing with debt management problems.

In addition, the plan will aim to ensure that young people across the country are familiar with the kinds of finance-related issues they are likely to face as they approach adulthood.

Earlier this month, Treasury minister Kitty Ussher announced that the government is to introduce a range of measures aimed at bolstering the efforts of credit unions across the country.

By Dan Mather

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