Young People: Personal Finances

Lord Davies of Oldham Excerpts

Thursday 7th February 2013 Lords Chamber

[Lord Geddes]

My Lords—

[Lord Davies of Oldham]

My Lords—

[Noble Lords]

Order!

[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.