FSA and HMT launch Moneymadeclear campaign to help people stay in control of their money
16th October 2008The Financial Services Authority (FSA) and HM Treasury (HMT) have this week launched a campaign for consumers who may be struggling in the current climate to help them keep a better grip on their money and finances.
The GBP2 million Government-funded campaign - launched today by FSA Director of Financial Capability, Chris Pond and Economic Secretary to the Treasury, Ian Pearson - will comprise print and radio advertisements, and for the first time advertisements on petrol pump nozzles and supermarket trolleys.
The advertisements will prompt people to look at ways of making the most of their money by promoting the use of the tips, links and tools on the FSA consumer website - Moneymadeclear - and the help offered through the FSA's consumer helpline.
The FSA tips include:- Take stock: the FSA's Financial Healthcheck can help consumers recognise their financial needs and prompt them to get specialist help if they find they are struggling with debts;
- Keep a spending diary: the FSA's Budget Calculator can help consumers review their spending and prompt them to check if they are paying for unwanted services. For example, are they paying for memberships or subscriptions they no longer use;
- Look at ways to pay: some companies charge more - while some might offer a discount - for paying by direct debit;
- Review policies: it is important that consumers are not paying for superfluous insurance cover - as an example, home contents insurance may cover loss of credit cards or other personal belongings (such as mobile phones) while away from home;
- Compare prices: for deals on credit cards, phone, gas and electricity; and
- Check entitlements: more than GBP2 billion of benefits go unclaimed annually.
Along with tips, the website has budgeting tools, comparison tables on various financial products and links to other organisations that can help people make the most of their money.
Chris Pond, FSA Director of Financial Capability, said:
"In the current climate, many people may feel their finances are out of control, adding to stress and anxiety, so it is all the more crucial for people to compare prices, stay in control of their money and make sure they are getting as much out of every pound as possible.
"This campaign aims to help them take control by managing their money more effectively. The FSA's Moneymadeclear site provides impartial information, budgeting tools, comparison tables and links which allow people to explore ways to make their money go further in a safe, jargon-free environment."
Ian Pearson, Economic Secretary to the Treasury, said:
"Many families are finding it tough to cope with higher food and fuel bills and the impact of the credit crunch on their mortgage payments. Now more than ever, people are looking for ways to stay on top of their finances and make the most of their money.
"I am delighted to launch this Government-funded campaign with the FSA today, which will help consumers know where they can find authoritative, impartial information and support on financial issues, including clear information, practical tips and tools - with no hidden sales agenda."
