MAS Claims 25m People No Advice Access

MAS Claims 25m People No Advice Access.

Research from the Money Advice Service (MAS) has suggested that more than half of the UK population has never received financial advice or cannot recall receiving any advice about managing their own money and everyday finances.

Of those who did receive advice, 32% stated the advice came from a financial adviser who wasn’t connected with their bank or building society.  Whilst 28% received their advice from a bank or building society.

The findings are based on an online survey of 2178 adults by Yougov, undertaken between 29-31 August.  The survey did not take into account the difference between regulated and unregulated advice and included discussions with friends and family.

The campaign started last night, with a commercial aired during Coronation Street, the campaign is set to run for 6 weeks, centering on the slogan ‘What does MA think?'.  The campaign is being funded by part of the £20m set aside for marketing in its 2012/13 budget.

Our view

The Money Advice Service (MAS) is paid for by a forced levy on the finance industry to offer free advice to the public.  MAS is a waste of industry money.  No real advice is given in addition to poor standards of advice from non-qualified staff.  

We can only judge by what our clients have said when testing it.  A Financial Aid scheme much like the Legal Services Aid Scheme is needed where people get access to qualified advisers rather than juniors.