Educating the public about managing finances is 'a good idea'
Government plans to educate the public on managing finances, which could include advice about credit cards, are a good idea according to the Institute for Public Policy Research (IPPR).
Educating the public about managing finances is 'a good idea'”
The comments follow an announcement by chancellor Alistair Darling that the government would be implementing a series of measures to help consumers make better choices.
Mr Darling said that these would include a national money guidance service and a new independent consumer education body.
The plans were announced as part of the government's proposals on significant reform to bank regulation and greater protection for consumers.
Tony Dolphin, senior economist at the IPPR, said that the plans to educate the public about managing finances are not likely to prevent a future economic crisis.
"An element of human nature in this that next time there is a bubble, whether it's a technology stock bubble, or just a housing bubble, it's human nature to get sucked into those bubbles. I'm not sure that education will solve that, I think it's a good thing, but I'm not sure it would stop a bubble," he said.
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