Article date: 10 July 2007
Ahead of Thursday's Government announcement Elizabeth Boardall, Norwich Union head of post-retirement products comments: "We welcome this latest proposal from the Government which recognises the importance of personal finance education from an early age.
"Norwich Union is committed to supporting teaching in this area and to this end has been working with the UK's leading financial education charity pfeg (Personal Finance Education Group) since 2004, with the aim of ensuring all young people leave school equipped with the skills and knowledge to participate fully in society.
"However, while the proposed initiative is a positive step for future generations, there is still a need to do more to educate the thousands of people in the UK currently approaching retirement.
"Few people can rely solely on a state pension and with many private pensions dwindling in real terms, a significant number are finding it necessary to work beyond the age of 65. Consequently we can no longer adopt a one-size-fits-all approach to personal finances and it is vital that new retirement solutions are developed to adapt to individuals' needs,
"This in turn dictates that there is a requirement to educate people both in the short and long term to help them manage their finances throughout their later years.
"Norwich Union therefore looks forward to the results of the Treasury's consultation on a national approach to financial capability launched earlier this year, and the associated Thoresen review of generic financial advice."
For further information, please contact:
Sarah Horner at the Norwich Union Press Office on 01904 45 2828 / 07800 691569.
Notes to editors:
About Norwich Union
Norwich Union is the UK's largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.