A new series highlighting the need for financial advice and some of the stumbling blocks is due to air later this year as UK savings drop and the industry aims to raise its profile.
Amid calls for more education about finance and retirement as figures show that people are saving less, the Personal Finance Society is teaming up with ITN Productions on a news-style programme called “Financial Wellbeing” due to air in November.
The professional finance body is among many drawing attention to the UK's sharp fall in savings ratios and the pressures on wealth planners to reverse the trend.
In a statement about the collaboration yesterday, the group said that the goals of the series are to boost confidence and trust in the profession by exploring what challenges consumers face and highlight how the industry is developing to serve consumers’ more complex needs.
Financial planning experts from around the UK will be invited to share advice and best practice examples, focusing on where consumers are most confused, including guidance on how to find suitable advice, retirement income options and how to recognise scams.
Fraud has become a huge issue. The UK Finance crime team reported stopping more than £1.6 billion of unauthorised activity in 2018 but said that scammers still stole £1.2 billion from UK taxpayers, a 16 per cent increase on the previous year.
Due to launch during PFS’ Festival of Financial Planning in November, the programme will be part of a larger financial planning awareness campaign among PFS partners, journalists, bloggers and relevant government departments, the organisation said.
Filling the advice gap and getting more people saving was high on the agenda at a retirement planning event held by law firm Irwin Mitchell earlier this week. Panellists talked about applying “nudge” techniques used in raising public health standards to also improving peoples’ financial wellbeing.
“We’re delighted to be partnering with the Personal Finance Society to produce a programme raising awareness of the financial planning profession, bridging the financial advice gap and highlighting the consumer tools and techniques available to avoid the scam artists and make the right decision," Elizabeth Fisher-Robins, head of productions and industry news at ITN, said. "We hope the programme ultimately helps improve the UK’s financial wellbeing.”