The Chartered Institute of Personnel and Development (CIPD) is calling on the government to ensure that its approach to improving financial education among the general public is joined up with work that is already being done by employers and professional bodies. 

This is the main recommendation in the CIPD’s response, submitted today, to the Thoresen review of financial advice. The Treasury commissioned the review to consider how best to raise levels of general financial education and awareness among the general public.

Charles Cotton, CIPD reward adviser, says: ““Related research shows that any national education programme must be developed in tandem with people’s individual learning styles. Not doing this will result in failure.  The Government would do well, therefore, to focus on the educational and financial aspects of their programme in equal measure.”

The CIPD has produced its own financial education guidance, available free from the CIPD website.  The guidance demonstrates the role that financial education can play in improving financial awareness of staff, reducing labour turnover costs and increasing employee pension contributions.