Young People: Personal Finances

Debate between Lord Nash and Lord Davies of Oldham

Thursday 7th February 2013 Lords Chamber

[Lord Davies of Oldham]

The Liberals are part of the coalition. I agree with the noble Lord, Lord Flight. This is not just a question of mathematics but of knowledge. It is quite clear that a very high percentage of adults who invest their hard-earned money in all sorts of organisations have no idea of the costs that have been taken from them by the people controlling the fund. The evidence is clear that a very large percentage of our population are quite ignorant of such costs. That is why we need financial education.

[Lord Nash]

I agree entirely with the noble Lord and that is why we are enacting these proposals.