The Financial Services Authority (FSA) has begun rolling out an ambitious training programme that aims to offer free training and information on financial awareness to millions of workers across the UK.
The FSA said there was a general lack of financial understanding across the UK workforce, particularly regarding retirement. The Pensions Commission has estimated in the 26- to 35-year-old bracket alone there are 3.7million people either not saving enough, or not saving at all for when their retire.
The ‘Make the Most of Your Money’ scheme will see 90 trained presenters visiting worksites free of charge to deliver seminars to employees.
All employees at participating worksites will receive a financial information pack covering budgeting, managing debt, and long-term planning for the future (including pensions) and all staff will be invited to attend a seminar.
Clive Briault, the FSA’s director of retail markets, said he hoped the scheme would reach four million employees over the next five years.
“The initiative will help participants improve their ability to understand, manage and plan their financial affairs, and we hope that many will seize the opportunity to take immediate action to review their financial situation,” he said.
Sixteen large organisations have already signed up, including employers from national and local government, education, the media, manufacturing, retail and financial services.
The FSA said it was in discussion with more than 100 other firms about taking part in the scheme.