Business leaders in the West Midlands have been urged to increase the finance skills of their employees to boost economic growth in the areas.
Vernon Everitt, director of retail themes at the Financial Services Authority, told business heads that the low level of financial knowledge was acting as a brake in the economy, the Birmingham Post reports.
Speaking at a CBI lunch in Birmingham, Everitt urged industry leaders to throw their weight behind the Make the Most of Your Money initiative, launched by the Financial Services Authority (FSA) and backed by the CBI and the trade unions.
The initiative aims to introduce greater financial planning skills among the workforce and encourage employees to take responsibility for their future.
The FSA is sending teams of workplace advisers to offer guidance on budgeting, debt management, and private pension provision to employees.