Advice on personal accounts is ‘key’

Consumers particularly need financial advice on use of personal accounts, it has been suggested.

According to the Resolution Foundation, the government should form a definitive proposal towards the accounts as part of plans to implement a generic financial advisory service on areas such as personal loans, savings and mortgages.

Sue Regan, chief executive of the Resolution Foundation, said: "There is a growing consensus that developing effective generic financial advice to support personal accounts should be a key priority."

Ms Regan’s comments precede a debate due to take place today in which amendments to the Pensions bill to discuss how amendments to the pensions bill may permit personal account advice to help with debt management.

However, a study conducted by Picture Financial earlier this year revealed that 1.8 million consumers never review their finances - which may impact upon attempts at debt management and ability to make personal loan repayments.

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