A large number of UK consumers feel they would benefit from the Money Guidance service proposed by the Thoresen Review new research reveals.
The survey by the Chartered Insurance Institute (CII) found 45% of people would use the proposed Money Guidance system of generic financial advice.
It says concerns about the credit crunch have made the need for such a service more apparent, with many consumers concerned about their finances.
More than half of all respondents felt less financially secure due to the state of the economy, and a third were worried they might lose their jobs.
The survey also found 65% of consumers would struggle to meet the debt obligations with even a modest rise in interest rates, while one in ten homeowners fear their home could be repossessed.
The most relied upon source of financial advice was the Citizens Advice Bureau, which has been running pilots schemes to deliver generic advice.
“This is a critically important survey, coming at such a crucial time,” says CII president, Lord Hunt of Wirral.
“With savings so low and borrowing so high, it is vitally important we should keep the closest possible eye on public opinion.”
The survey also revealed low confidence in the Government’s ability to deal with the financial crisis, with 61% claiming they lack confidence in the oversight of the banking system.
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