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Those organisations with best ideas will be given money from new Pensions Education Fund, which is part of a programme that, according to Department of Work and Pensions (DWP), will enable people to make their own decisions about their income in retirement.
The feeling from many, including HBOS, UK's largest mortgage and savings provider, is that financial services industry must help to provide more accurate and effective sources of information to customers. Education at an early age needs to be a key focus of any future plans, with Scotsman recommending that, “incorporating loans and interest rates into maths problems or teaching youngsters how to open a bank account in social education - could go a long way towards ensuring our children are not let loose in world with no financial clue”.
Proposed solutions need to be practically implemented as soon as possible, in order to enable aging population to provide for its own long-term needs and not to end up depending on an increasingly financially clueless younger generation.
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Richard works in Edinburgh for a media company, occasionally writing for the personal finance blog Cashzilla ( http://cashzilla.blogspot.com/ ), and drinking too much coffee.