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Home / News / Norwich Union praises government initiative
Norwich Union praises government initiative
12 July 2007 12:58:50
In light of the announcement that a new subject called Economic Well-being and Financial Capacity will be added to the curriculum for all 11 to 16-year-olds, the insurance provider has applauded the move to prevent future generations entering into an insolvency crisis similar to that causing misery for millions of British households.
Elizabeth Boardall, head of post-retirement products, said that the lessons would be vital in raising awareness of the importance of mortgage protection insurance, life cover and critical illness insurance.
"We welcome this latest proposal from the Government which recognises the importance of personal finance education from an early age," she commented.
"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."
Ms Boardall continued: "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."
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