BBA calls for efforts to tackle the “problem of financial literacy”

The British Bankers’ Association (BBA) has called for efforts to be made to tackle what it has called the “problem of financial literacy” in the UK.

According to the association, a large proportion of the British population are unable to manage their money in an effect manner and action needs to be taken to address the issue.

The BBA was responding to Otto Thoresen’s announcement of plans the government looks set to take up to establish a generic financial advisory service in the UK that would be designed in part to help people with debt management difficulties.

Chief executive of the bankers’ association Angela Knight commented: “The BBA believes better financial education is key to ensuring people can make sensible plans for the future and provides us with the best hope of addressing the problem of financial literacy at a national level.”

Last week, MoneyExpert.com claimed that many of Britain’s high street banks are “backing down” and cutting their charges for unauthorised overdraft use.