Govt aiming to improve financial awareness

The government is aiming to improve the financial knowledge of consumers through the introduction of proposals outlined in its Financial Services Bill.

Among a range of measures, it is hoped that the Financial Services Authority will be placed in charge of a new organisation designed to improve people's awareness when it comes to money matters.

Meanwhile, those looking to manage credit card debt may also be keen to note that this body is expected to launch an impartial money guidance scheme as early as next year.

Speaking about the new Bill, which also includes plans to tighten some of the regulations affecting the UK's financial sector, chancellor Alistair Darling commented: "The Bill we are introducing today is central to the government's reform agenda that seeks to empower consumers."

Meanwhile, Institute of Employment Rights director Carolyn Jones has recently called for ministers to offer more financial support to the country's lower earners.