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29 March 2006
The Council of Mortgage Lenders (CML) has welcomed the strategy announced by the Financial Services Authority (FSA) to increase financial awareness in schools, colleges and universities.
The CML said that it was very keen to encourage people to consider the risks associated with borrowing and has developed an online tool with the FSA to help customers gauge their level of debt and to highlight any borrowing risks.
Commenting on the FSA's new strategy, CML director Michael Coogan said: "Helping people to improve their financial capability enables them to make informed decisions about how they spend their money and avoid getting into too much debt.
"We believe it is essential that consumers have all the advice and information they need to help them make the right borrowing decisions, especially when entering home-ownership for the first time."
The FSA's programme is aimed to help 18 to 40-year-olds to increase their financial skills and to cope with the greater financial responsibilities placed on them than on their parents' generation.
The seven-point plan sets out how the National Strategy for Financial Capability will help to provide financial education and advice in UK schools, universities, colleges, the workplace and organisations that help young adults.
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