Government to offer money 'check-up'
15th July 2010
The Government is to offer people a free annual economic health check to supplement more traditional means of protecting against an uncertain future such as life insurance and income protection cover, it has been announced.
Financial Secretary to the Treasury Mark Hoban said free advice and a simplified range of financial products would also be launched under the scheme, which is designed to encourage people to save more by "nudging them in the direction" of prudent banking behaviour.
While life insurance policies and critical illness cover will remain useful tools for protecting against unforeseen and unwelcome events, Mr Hoban said the new measures would create a more responsible environment in which people thought before spending too much.
The project, to be piloted later this year and possibly launched next spring, will also give families a "prescription" offering them clear advice on steps they can take to improve their financial situation both now and in the years to come.
Copyright © Press Association 2010
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