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Free money savings advice service 'needed'
People who want to make money savings should be able to use a free national advice service for consumers, according to a new report.The report form the Thoresen Review of Generic Financial Advice, said the government and the financial services industry should jointly fund internet and face-to-face advice for consumers on money matters.
If the service was set up, the report claims that it would benefit consumers to the tune of £15 billion in savings by 2060.
Otto Thorsen, who was asked by the Treasury to design the advice service telling people how to save money, told the BBC: "I believe that good money sense needs to be as much part of people's lives in the 21st century as healthy eating and keeping fit."
The report suggested a pilot project which will serve 750,000 at a cost of up to £12 million.
People seeking advice have been making use of one existing organisation, Citizens Advice.
Public Policy director at the organisation told the BBC: "Our service is busting at the seams with demand from people needing help with debts."
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