Like many parents balancing a hectic work schedule with the demands of playing Santa, I understand the appeal of shopping for deals at this time of year.

With time short and expenses high, it’s hard to resist the constant barrage of adverts urging us to “buy now” to secure special offers on gadgets, clothes, or the toy trends that sweep classrooms every year – this year it’s Squishmallows, electric diaries and Nintendo switch at the top of my children’s wish lists.

Meanwhile, festive marketing campaigns get bigger every year for retail brands. These are meticulously crafted by large teams of very clever people several months before the first day of Christmas.

These campaigns create compelling, emotional experiences

Take Cadbury’s ingenious Secret Santa postal service, which has helped maintain Dairy Milk as a stocking-filler favourite. And it’s hard not to take in the magic of Sainsbury’s – who we share an office building with – when I see their Big Friendly Giant-inspired advert promoting locally sourced produce. Waitrose, meanwhile, has gone all-in, with an interactive two-part mystery campaign about the missing Christmas pudding.

These campaigns succeed because they go beyond just selling products. They create compelling, emotional experiences—whether it’s fostering magical family moments, expressing love or encouraging thoughtful giving that makes us feel better about ourselves.

This creativity, combined with urgent messages to “buy now before it’s too late” create the perfect storm of shopping fever. And this year has been no different, with £1.12bn spent on online deals alone on one of the biggest pre-Christmas bargain moments of the year: Black Friday.

At Octopus Money, we decided to follow in the steps of big retail during this spending season with our own campaign based on generating an emotional response: Black Friday 2044. We wanted to encourage people to dream big, and to think about what saving now instead of spending on one-off purchases could help them afford in 20 years.

The campaign enabled us to hear more about our audience’s future hopes and dreams when it comes to their money. People like Moni, who dreams of setting up her very own home podcast studio; others who were saving for the trip or honeymoon of a lifetime; those planning a new kitchen; and on the sillier end, Don, who dreamed of a year’s supply of sweets on retirement.

We’re losing the battle for hearts and minds to the instant dopamine hit of buy now

Through working out how much people would need to save per month to achieve these dreams on a new web page calculator we set up, we were able to help people visualise the future they could achieve in a way that felt achievable.

We also conducted research to better understand what drives people to shop during this season and how their attitudes towards spending compared to saving for the future. The results were sobering, though perhaps not surprising for those in the financial advice industry. We found that Brits planned to spend four times as much on Black Friday deals this year as they did on investing into an ISA throughout the entire year.

What’s more, almost half of those surveyed (46%) expressed concern about not having the funds to meet their long-term dreams, such as being mortgage free (32%), living comfortably (69%) or supporting their children and grandchildren (33%).

We’re losing the battle for hearts and minds to the instant dopamine hit of “buy now” – and moments like Black Friday, Christmas deals and the January sales prove it every year.

My dream is for our industry not to try to compete with the retail sector, but to take inspiration from their strategies. Christmas adverts show that emotional impact drives action. So to change behaviour, we need to make saving and investing feel just as exciting as buying a new toy or gadget right now.

With highly personal client relationships, financial advisers are actually the most aptly placed to help create this shift. Every day you have real, human and emotional conversations about money. This has the potential to create a deeper impact than an advert on television ever could.

So we must be inspired by the John Lewis campaigns, and think about innovative ways of engaging existing audiences and reaching new ones.

If spending millions on a shiny new TV advert is not in your remit, there are several other ways to get creative. It could be about generating simple and engaging written or video content about your work on social media, writing blogs, or even partnering with schools or local parenting groups to help spread the message across all ages. Interactive family workshop sessions that encourage clients to bring their children and grandchildren along are a great way to help instil good habits now.

Ruth Handcock is chief executive of Octopus Money

The post Ruth Handcock: Giving the unforgettable gift of financial security appeared first on Money Marketing.

September is synonymous with being back to school. And this matters for the advice sector.

Why? Because a new academic year means fresh opportunities to support and engage with the education system and – by doing so – to help address two of our sector’s key long-term considerations: the advice gap and future talent development.

Learning the hard way

Schools matter when it comes to the advice gap because of the part they play in influencing one of its drivers: poor financial literacy.

This is a widespread, significant problem, highlighted recently by our new Savings Ladder report, which found two-in-five UK adults had what would be classed as ‘poor’ financial literacy when measured against a key international standard.

Engaging with schools gives us a chance to promote accessibility and demonstrate opportunity for those not planning on entering higher education

One reason why financial illiteracy levels are so high is because there is patchy inclusion of financial education in classrooms. Indeed, the standard received by British children was recently described by the Education Committee as ‘insufficient’.

If we can address this, we will, in time, reduce the number of adults starting out with a weak grasp of the financial fundamentals and – as a result – increase the financial wellbeing and resilience of the population.

We’re also likely to see the advice gap shrink as the number of those seeking advice rises. Our research also found individuals with higher financial literacy are more likely to be using, or to have used, a financial adviser than those with a weak grasp of financial basics.

Let’s not let this year’s report card on our industry’s engagement with their work read ‘must try harder’

This is likely a reflection of those with greater financial literacy also having higher wealth, but also those with greater financial literacy being more likely to recognise where they’d benefit from further support. After all, you don’t know what you don’t know.

Class action   

Improving the standard and inclusion of financial education in schools is, ultimately, a policy issue. But there’s a role for advisers here.

As the new academic year gets underway, we, as a sector, have a responsibility to highlight the opportunity for improving standards of financial education and to advocate for change.

We’d like to see the government integrate financial education into relatable subjects in England, with greater consistency across the home nations. We’d also welcome discussion around a new GCSE and sixth-form qualification that focuses on financial skills.

Schools can make a real difference to the financial wellbeing of our population, and our industry’s long-term resilience and success

This is yet another ‘change’ for the government to consider but a critical one that could have significant, long-term results.

Attracting the next generation of advisers

In addition to being where they receive financial education, schools – particularly at secondary level – are often where young people get their first understanding of what career paths are available.

In addition to advocating for better financial education, the advice industry needs to be doing all it can to use schools to shout about what an exciting, fulfilling pathway a career in the sector can be, making sure it’s front of mind for those considering their next steps.

There’s limited scope for policy here but plenty for direct action from organisations.

Two-in-five UK adults had what would be classed as ‘poor’ financial literacy when measured against a key international standard

For example, we can share our time, resources and direct experience to help support schools’ career education initiatives. This is something Abrdn has been involved in through our partnership with Investment 20/20 – hosting insight days for pupils from Edinburgh schools that give them a window into what the advice industry, and financial services more broadly, might offer them.

By looking beyond universities for career outreach, we can also help boost the diversity of the sector – a step that creates more resilient and successful businesses by increasing a breadth of perspective and experience.

Engaging with schools gives us a chance to promote accessibility and demonstrate opportunity for those who aren’t planning on entering higher education; something that is close to my heart as someone who entered this industry straight from my state school.

What all of this is really about is something we all know the value of too well: early engagement leading to better outcomes.

Schools can make a real difference when it comes to the financial wellbeing of our population, and our industry’s long-term resilience and success.

Let’s not let this year’s report card on our industry’s engagement with their work read ‘must try harder’.

Noel Butwell is chief executive officer at Abrdn Adviser

The post Noel Butwell: Why ‘back to school’ matters so much for advisers appeared first on Money Marketing.

I’ve only ever had one long-term relationship, and I was always adamant that we should keep our finances separate. It wasn’t that I was willing us to break up, or even thinking we would. It was just that separate finances made me more comfortable.

Despite not exactly being careful with my spending, I am still pretty obsessive about my finances. I like to know exactly how much I have in my account nearly all of the time. This doesn’t stop me overspending. But at least I know by how much.

I check my bank account to make sure I’m not paying for any subscriptions I’m not using. I often look at my pension to see how it’s performing (I’m perfectly aware that its performance will go up and down). And whenever I renew my car insurance, I make sure I find the best deal possible.

I was interested to receive a survey recently carried out by savings brand Ford Money revealing the biggest financial red flags that can derail a date or a budding relationship.

I thought it would be fun to compare the list with my money habits and see how many financial red flags I have. I’m not actively seeking a relationship right now, but it might come in handy in the future, perhaps.

The biggest financial red flag, according to Ford Money’s research, is borrowing money and not paying it back, which was cited by 34% of those surveyed. Ok, well I always pay back money I borrow from people as soon as is viable.

This red flag was followed by boasting about having money, which was considered highly unattractive by 25%. I don’t do that.

Ford Money also found potential suitors are unlikely to secure a second date if they have a bad credit rating (22%). I have a good credit rating.

Having your card declined on a date was cited as a red flag by 21% of respondents. This has never happened to me, and I have backup cards anyway. I’m not sure I’d find this unattractive, just unfortunate.

Prioritising luxury items over savings was a red flag for 20% of respondents. Maybe I do this… I suppose it depends on whether you consider a holiday to be an item.

Meanwhile, 12% of respondents indicated that refusing to tip was a major red flag. I tip if I think the service justifies it. But I don’t agree with tipping for poor service.

Other red flags highlighted in the survey were:

• You don’t pay your way 50/50 (19%). I insist on paying half.
• You spend your cash as soon as you get paid (19%). Guilty.
• You over-rely on buy now pay later (17%). I don’t use BNPL. I don’t like it. But I do use credit cards.
• You refuse to open bank letters, letting them pile up (16%). No, I open them and file them in my elaborate filing system.
• You hide shopping bags from your other half (10%). I don’t have another half. But if I did, I certainly wouldn’t hide shopping bags. I don’t tend to buy things anyway.

I have some financial red flags of my own.

It may surprise you to know that I don’t like it when a man insists on paying for my food. I used to when I was a student, with no money and a penchant for venison and Châteauneuf-du-Pape. But now, I find it slightly patronising. Offering is fine. It’s the insisting bit that’s the red flag for me.

Another one is paying for things like subscriptions if you’re not using them, having credit card debt that’s on high-interest credit cards and thinking you don’t need a pension. Expecting to have things bought for you is another big turn-off.

I also agree that boasting about how much money you have is a red flag. If you feel the need to brag about what you have, you’re either poor and full of it, or rich and insecure.

Most of this I say in jest, and Ford Money’s survey was just a bit of light-hearted banter. But it does emphasise some important points about how money can affect relationships.

A few weeks ago, my colleague Kim wrote a Weekend Essay based on a Reddit post she’d seen about a man in his 60s who thought his wife had been contributing to her defined benefit pension scheme. But it turned out that she’d opted out years ago, assuming they could just rely on his pot, and was using the extra cash as her “fun” money.

Kim’s point was that financial transparency and professional advice are crucial for building a secure future, both individually and as a couple.

Ford Money’s survey found 14% of respondents find it difficult to talk to their partner about money, while 17% admit they hate discussing financial matters altogether. But being open and transparent is important.

I’m not suggesting leading with it on a first date. But talking about financial matters early on will likely help further down the line.

When my ex and I broke up, we didn’t have the tangled web of finances that many couples who break up or divorce find they have to unpick.

Ford Money chief deposits officer Will Davies says managing money remains a “major challenge” for younger generations today. Especially considering the ongoing cost-of-living crisis.

“Many young people genuinely want to get to grips with their finances and start saving,” he adds. “They just need a bit of guidance on where to start.”

The post Weekend Essay: My financial red flags appeared first on Money Marketing.

During a keynote speech at NextGen Planners’ Elements conference today (12 July), Budd spoke about the “set point of happiness theory”.

This states that everyone has a standard level of happiness.

That level may vary throughout the day, but in general, people have a standard level of happiness in their mood.

Budd said half of this is inherited and 40% is caused by a person’s “intentional activity”, including their relationship with money.

However, just 10% is caused by a person’s circumstances, including their wealth.

“If you increase your client’s wealth by 50%, you’re only increasing their overall wellbeing by 5%,” Budd pointed out.

“But if you also teach them about their relationship to money and you improve that by 50%, you can improve the overall wellbeing by 25%.”

He said that by focusing so heavily on wealth, advisers are “starting at the wrong place”.

Chris Budd: Are your clients collecting wealth or wellbeing?

“We should be educating people about the what kind of relationship they have with money,” he said.

“The way I like to think about this is by using an aquarium analogy.

“I once saw an old lady who was buying a fish and her daughter said to her: ‘Remember Mum, you don’t look after the fish, you look after the water.’ ”

Relating this to client conversations, Budd said that it is, of course, important to talk to clients about their money.

However, he insisted that advisers really need to talk about their clients’ lives. “That’s what matters,” he said.

The post Advisers need to teach clients about their ‘relationship to money’ appeared first on Money Marketing.

I think we can all agree that stepping off a plane and feeling the heat hitting you is one of the best things in the world.

Some people may disagree with this, but I can assure you that the British youth are not among them.

But it’s not the heat that’s hitting them – it’s the freedom.

I jetted off to Spain for my first holiday without my parents at the age of 16, and from the very first night out it was game over. I waved goodbye to any modicum of sense and civility, and I know I am not alone in this experience.

In all fairness, we never stood a chance at behaving. I place the blame on what I like to call “holiday air”.

Holiday air is a sickness. It results from inhaling excess amounts of the stuff and can have dire side-effects, such as overindulgence in alcohol, extreme sunburn, fatal hangovers, loss of friendships, bank-account damage and an inability to view the culture of your chosen destination.

I had scraped together all my money to book myself a plane ticket and a little spot on a campsite for just ten euros a night. In theory, you think, ‘Camping, great! A super cheap way to holiday.’

Realistically, following this line of thought of is how I ended up in 40-degree weather with the sun streaming through the tent, leaving me lying in a pool of sweat and making it impossible to sleep.

Escape from the heat was nowhere to be found, except on the floor of the grubby communal showers. (Those who have stayed in a campsite abroad can attest to this being a very un-classy affair.)

I saved up my money all year from my job as a lifeguard – hard to do with inconsistent shifts on a zero-hours contract. But I have no right to complain as I was paid a lot more than any of my peers. Certainly, a lot more than my friend Lexi, who was getting £6.40 an hour at her café job with a boss determined to make her cry at least twice a day.

However, I put up with the boredom of staring at a pool and cleaning up children’s sick, while Lexi threw herself a pity party every time she walked through those café doors.

We did this for one sole purpose… to fund our social life. And that social life consisted of going on holiday.

After scrounging all year, we had our plane tickets in one hand and our carry-on luggage with all our belongings in the other. We were boarding a 3am Ryanair flight to Spain and we couldn’t be more excited.

We were having our taste of freedom for the first time. No parents ringing. No curfew looming. No responsibilities. Just total freedom. And we’d be damned if we weren’t going to take full advantage of every second.

We had one problem though. We had no money.

A major issue, you may think. But for three 16-year-old girls, this was just a minor setback. The major setbacks came later as a result of this slight problem.

We walked ourselves to the local market and bought a five-litre bottle of water and three baguettes, intending to make this last the duration of our five-day trip. Sadly, this proved inadequate. We ran out of food on day four, and our only option was to fast until we landed back in England.

We fared better than three boys would have done in our shoes, as we did have the benefit of drinking for free. Local men were happy to buy us drinks and we were more than happy to accept (if we went to the bar with them and watched them poured, of course).

Anyway, we were achieving the main goal of the holiday – to have fun.

Waking up in the morning severely dehydrated was where the real problem occurred. The only option was to reach for the five-litre bottle of water we brought on the first day. The five-litre bottle that sat in the sun due to the lack of shade.

It had become a last resort. Only the truly desperate would take a sip from the bottle. I had heat stroke by day three.

I spent my days stuffing tampons up my nose – a brilliant solution to nosebleeds, though I did get a few strange looks from the campsite’s other residents. Then I spent my evenings not allowed to move more than a metre away from either friend at a time, so they could grab me when I fainted. There would be no affording the hospital if I hit my head.

This, I admit, was a major setback. Once I was back into the safety of my home, I stayed in bed for four days.

So, while I could afford to go on holiday, I couldn’t afford to be on holiday. I know this is a common experience for many, but for those of you who have a trip coming up, I urge you to manage your money better than me.

And beware the holiday air.

Kathleen Sparrow is a Year 12 student and Money Marketing work experience

The post Weekend Essay: The joys (and perils) of holiday air appeared first on Money Marketing.

The party outlined its aims and priorities including reducing the sector’s regulatory burden in a 24-page document published earlier this year.

Among the proposals are streamlining the Financial Conduct Authority’s 10,000-page regulatory handbook.

Labour MP Rachel Reeves, who held her seat and is expected to become the UK’s first female chancellor, said it was not about watering down protection for consumers, but “to have a proper review to make sure that the rules and regulations we’ve got are fit for purpose”.

Labour also plans to “simplify the ISA landscape to make it as easy as possible for people to feel the benefits of saving and investing their money”.

It has promised a review of the pensions landscape and given its backing to the FCA’s review of the advice-guidance boundary.

In addition, Labour is planning to create a ‘Regulatory Innovation Office’ that could help regulators share data.

Reeves has also ruled out a windfall tax on bank profits.

She said: “We will unashamedly champion our financial-services sector as one of the UK’s greatest assets.”

Labour’s top six priorities for financial services are as follows:

1. Deliver inclusive growth of the UK’s financial services sector by scalling regional financial centres alongside established hubs in London and Edinburgh and unlocking the full potential of the mutuals sector.

2. Enhance the international competitiveness of the UK’s financial services sector by pursuing a more joined up and innovation-centred approach to regulation and supervision, streamlining the regulatory rulebook in line with the Consumer Duty, strengthening international engagement in financial services, and building a more collaborative relationship with the EU.

3. Reinforce consumer protection and financial inclusion by exploring alternative models for increasing financial resilience including longer-term fixed rate mortgages, adopting a coordinated cross-sectoral approach to fraud prevention, creating a national financial inclusion strategy, and regulating the Buy Now Pay Later sector.

4. Lead the world in sustainable finance by making the UK a global hub for green finance activity, delivering a world-leading green finance regulatory framework, and partnering with the financial services sector to support the decarbonisation of homes.

5. Embrace innovation and fintech as the future of financial services by becoming a global standard-setter for the use of AI in FS, delivering the next phase of Open Banking, defining a roadmap for Open Finance, embracing securities tokenisation and a central bank digital currency, and establishing a regulatory sandbox for financial products to reach underserved communities.

6. Reinvigorate capital markets by reviewing the pensions and retirement savings landscape, enabling greater consolidation of all types of schemes, empowering the British Business Bank to invest more in growth capital, establishing a British ‘Tibi’ scheme to increase institutional investment in venture capital and small cap growth equity, and increasing investment in infrastructure and green industries through Solvency UK reforms.

Reeves added: “A strong financial services sector isn’t just an engine for growth. It helps Britons reach their financial goals, save for their future, and support their families.

“We will champion financial inclusion to ensure all people have access to affordable products and services to support their financial wellbeing.

“We believe a strong financial services sector will drive investment in jobs and new industries.

“Our financial sector can be a vehicle for growth not just from the top down,
but from the bottom up and the middle out.”

The post Labour’s plan to champion financial services after election victory appeared first on Money Marketing.

The study found that this year just 38% of 18–24-year-olds agree that financial security after retirement is their own responsibility. This is down from 47% in 2020.

In addition, only 35% of this group say they are looking forward to their retirement, compared with 40% of adults as a whole.

Managing director of TGI & Insight for the UK and Ireland, Rachel Macey, told Money Marketing younger people are hitting important milestones in life later than previous generations – be it buying a house, getting married, or starting a family.

The research also found 46% of 18-to-24-year-olds say they are very good at managing money, compared with 55% of all adults.

They are 26% less likely than the average adult to agree that they only take out credit/loans when absolutely necessary.

They are also 30% less likely than the average adult to say that before making any big outlay they think about it for a while.

The research discovered they are 28% more likely than the average adult to say they are no good at saving money – 34% agree compared with 26% of all adults.

They are 20% more likely than the average adult to say that buy now, pay later services allow them to manage their budget better.

And they are 21% more likely than the average adult to say that they are finding things very difficult on their present income – 16% say this compared with 13% of adults as a whole.

“Overall, 18–24-year-olds are struggling financially more than others,” she said.

“They are more likely to turn to credit and use buy now, pay later services, and less likely to believe that they are very good at managing money.”

She said it is “not surprising” that they are less likely to engage with long-term planning as a result.

“This data highlights both a responsibility and an opportunity for financial institutions and employers to engage younger generations on financial security and long-term planning,” Macey continued.

“With the cost-of-living crisis creating immediate financial concerns, and the perception that retirement is a dot on the horizon, marketers will need to give extra firepower to their messaging about financial products when targeting young people.

“This means sweeping aside assumptions and working smarter with first- and third-party data to find out what these younger audiences care about, where to reach them, what influences their decision-making, and how to generate cut-through.”

The data is from Kantar Media’s latest GB TGI survey, carried out between March 2023 and February 2024.

The post Younger people ‘reluctant’ to engage with long-term financial planning appeared first on Money Marketing.

Intelliflo said the partnership will empower it to deliver a next-generation client experience that “simplifies complex financial concepts” and “empowers users” to make informed financial decisions.

The new offering blends AI-driven insights with interactive digital experiences.

Intelliflo will leverage Money Alive’s technology to create personalised video learning modules that address each client’s unique financial goals, preferences and life stages.

The informative videos break down complex financial concepts into easily digestible narratives.

Money Alive has two products: Money Alive Office, a set of box sets that help advisers explain financial services topics to their clients, and Video Canvas, launched 18 months ago to use AI to bring personalised information into video.

Money Alive chief executive Andy Kirby told Money Marketing: “We’ve got a roadmap to integrate the content we’ve currently got into Intelliflo, which will end up in their personal finance portal.

“We’re working with them on hyper-personalisation through our video canvases. For example, we can explain investment statements, valuations, etc to clients.”

Chief product officer Aaron Coates added: “We’ve been working with the Intelliflo product team for several months.

“What we didn’t want to do was just take the Money Alive content and have a button that connected to Money Alive via an app-store experience. This can work well, but there are some limitations.”

Instead, he said both companies wanted to create a fully embedded video distribution module inside Intelliflo Office.

Through this, videos can be selected by Intelliflo Office, approved by the adviser and sent out automatically as part of their communication with the client.

He added: “Together, we’ve come up with this shared architecture Intelliflo Video powered by Money Alive, to be able to do that smart analysis of what content goes to the client without the need for third-party software.”

Intelliflo CEO Nick Eatock said: “Through this exciting partnership with Money Alive, we are thrilled to bring the power of AI to our customers.

“This integration represents a significant leap forward in financial education and engagement, providing users with personalised learning experiences tailored to their individual needs.”

The post Intelliflo tie-up with Money Alive will help ‘simplify complex concepts’ appeared first on Money Marketing.

The committee has today (22 May) published its findings following a six-month inquiry and set out a series of recommendations to the government.

Altogether, the committee received 92 written submissions from teachers and head teachers, banks and financial-education providers.

It said the written submissions it has read and the oral evidence it has heard have been unanimous on two central points.

The first is that providing children and young people with a financial education that is comprehensive and age appropriate is essential.

The second is that the provision of financial education in schools in England is currently inadequate and must be improved urgently.

Some of the words respondents used to describe it were “dismal”, “inconsistent” and “in a parlous state”.

The report said: “Despite widespread acceptance of the benefits and importance of financial education, the range of evidence we received was near unanimous that financial education in primary schools in England is currently insufficient and should be expanded.”

The committee said it heard evidence that children are using money at an increasingly young age and with greater independence.

It also heard that children under 11 are being reached by online marketing and may be subject to financial risks and pressures.

Therefore, the report suggested, “Effective financial education needs to begin during primary school years to prepare children for the financial world in which they increasingly participate.”

The committee also heard that more financial content should be included within the mathematics curriculum.

It is now urging the government to review the contents of the curriculum from Key Stage 1 to Key Stage 4 in order to expand the provision at both primary and secondary school level.

The report said: “For 16-to-18-year-olds who are transitioning into the workplace, paying taxes, considering applying for a student loan and perhaps living away from home for the first time, financial education is also vital.

“And yet it is post-16 students who currently miss out on any form of compulsory financial education.

“Providing post-16 students with a comprehensive financial education as part of its plans to continue maths education to the age of 18 should be a priority for the government.”

There were also mixed views on where financial education should sit within the curriculum.

A small number of written submissions argued that it should have a definite home or that it should be delivered within a core subject.

The majority of evidence received, however, advocated a cross-curricular approach in which financial education is integrated across various subjects.

The committee said this approach has the benefit of offering students some form of financial education, whatever their subject preferences may be.

It has recommended that a financial education co-ordinator should be appointed by each school or multi-academy trust to provide a more coherent programme of study.

The government should produce guidance for MATs, teachers and school leaders on how best to appoint and support financial education leads, it said.

The report goes on to say: “There is a widespread view that teachers of financial education benefit from the use of teaching resources—including textbooks and lesson plans—but that the sheer quantity of resources to choose from can be overwhelming.

“The evidence suggests that although there is a huge range and number of resources available, they are not being effectively utilised in schools, with 50% of respondents to one young persons’ survey saying they did not have access to any financial-education materials in school.”

It said the Department for Education must work with subject associations, professional bodies and other government departments to curate and promote high-quality financial-education teaching materials and make these easily accessible to teachers and pupils.

“Providing teachers with opportunities for appropriate teacher training and continued professional development in financial education has clear benefits for both teachers and pupils,” said the report.

“Teachers feel more confident in planning and delivering lessons following even a small amount of training that improves the financial capability of the pupils they teach.

“However, access to financial-education training and development is often hampered by workload pressures and availability of staff to cover lessons.”

It also claimed Ofsted’s “inadequate evaluation of financial education in schools undermines the importance of financial education and adversely affects how it is viewed and prioritised by teachers and school leaders”.

It has therefore recommended that the Department for Education should work with Ofsted to review how it can improve its evaluation.

It has been almost ten years since the national curriculum in England was reformed and financial education was made a compulsory part of the curriculum.

The post Financial-education expansion ‘a matter of urgency’, says committee appeared first on Money Marketing.

The partnership will focus on the 12 million UK adults in the advice gap who want some help around planning for their retirement.

Wealth Wizards will deliver a retirement planning calculator to Boring Money’s readers.

It will include follow-up content, actions and independent pension-provider reviews to support learning and informed choices.

Boring Money chief executive officer Holly Mackay said: “We know that people struggle with pensions and retirement, literally stumbling around in the dark.

“We wanted to partner with Wealth Wizards to combine their tech and diagnostic skills, with our ability to create targeted content journeys and pension Best Buys.

“Our combined skillsets help people not just to see where they are today, but also to understand how to improve their prospects and take action in a way that feels accessible and relevant to them.”

The first pilot will see Wealth Wizard’s Pension Guidance capabilities integrated into Boring Money’s educational content and independent pension provider comparison tables to create a unique pensions guidance tool.

The partnership will explore how diagnostic customer journeys can be paired with independent, research-backed educational content and independently curated product shortlists to support more informed consumer choices.

The FCA’s recently launched its Advice Guidance Boundary Review. It proposed a strong emphasis on financial-services firms using targeted support as one of three key pillars to deliver better customer outcomes.

Wealth Wizards chief executive, Ben Hampton, said: “The industry now needs to look beyond the headlines of the Advice Guidance Boundary Review and turn its attention to how the review can practically unlock better consumer outcomes.

“By collaborating with Holly and the Boring Money Team, we can weave together our complimentary skills to move from the regulatory aspirations to understanding how new forms of connected and actionable help can work in practice.”

As the industry considers how to respond to the opportunity of targeted support, the firms said learnings from the juxtaposition of diagnosis with targeted content support will be published in September 2024.

The post Boring Money and Wealth Wizards partner over advice gap appeared first on Money Marketing.

The research showed that four in five (79%) of over-55s who have retired did so without the help of financial guidance or advice.

Instead, they opted for a DIY approach to managing their finances.

Nearly one in three (29%) in the same age group admitted they are not experiencing the retirement they dreamed of.

However, two in five (39%) said they were.

The research also found that one in ten retirees (11%) did not anticipate just how much money they would need in retirement.

They said they are finding life after work more difficult than they expected and wished they’d planned properly.

More than a third (36%) said they had experienced unexpected health challenges.

However, 27% said that although they weren’t living the retirement they’d planned, they were still very happy.

Canada Life said money, or lack of, are big drivers of overall retirement satisfaction for the over-55s.

Inflation and the cost-of-living crisis are also having a negative effect on retirees, with one in five (21%) saying they hadn’t factored rising costs into their plans.

Preparing for other unexpected costs has also caught retirees out, with 13% receiving bills they weren’t expecting.

A relative lack of savings (12%) was cited by one in ten who said they didn’t have enough money to live the retirement they planned, while a similar number of over-55s (11%) did not anticipate just how much money was needed to fund retirement.

Canada Life Retirement managing director Tom Evans said: “It’s clear from this insight that people’s experiences of retirement vary quite widely.

“While a lack of retirement funds and the impact of rising costs are clearly issues facing the current generation of retirees, unexpected health issues trump both of those and the dreams of many have been shattered.

“Planning your retirement and ensuring it is flexible enough to navigate the many challenges you will face is vital to feel in control to enjoy your later years.

“Engaging the services of a qualified financial adviser early on is a fundamental part of that process.

“An adviser will not only be able to help with product choice, investment selection and tax, but will help you navigate any unexpected bumps in the road along the way.”

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