People who took part in a Citizens Advice financial capability programme have said that as a result they are more likely to try new financial products and services. They also said that they felt better equipped to avoid poor deals, exploitative lending practices and excessive borrowing.
Since 2002, Citizens Advice has been running pilot schemes across the country as part of its Financial Skills for Life programme, which targets client groups such as young parents.
Four main topics were covered in the programme - budgeting, credit, borrowing and managing debt. An independent report into the programme found that people were better equipped to stop potential debt problems, showing a greater understanding of budgeting and saving strategies, had a better awareness of government entitlements and were more willing to try out new financial products.
Our view
Anything that promotes financial awareness has got to be a good thing!
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