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Society must confront ‘financial shame’ says SFGB chief

Single Financial Guidance Body chairman Hector Sants says “society must confront financial shame” in a keynote address to delegates at a conference today.

He explained how the guidance body will look to boost financial awareness across the country at a Pensions Management Institute conference in London.

He said it will launch a consultation next Monday to gather views on how it should carry its role forward.

The listening exercise will roll into the autumn when it will publish findings that contains both a national strategy and a three-year business plan to achieve it.

He also said that the body wants to work with all stakeholders to boost the profile of financial awareness so it is seen as important as physical and mental health.

He added: “We have to help people develop the right behavioral attitude towards money. Society must confront the issue of financial shame and tackle the problems of debt.

“The SFGB wants to equip individuals through guidance to have better interactions with advisers and also work with advisers to help improve the financial awareness of people.”

The SFGB is due to be named the Money and Pensions Service on 8 April.

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