‘Governments around the world are doing everything they can to limit the impact of the credit crunch.Even the most optimistic among us surely expect turbulent times to persist for most of this year at least.As millions are being spent on pump-priming the economy, it is inevitable that savings will be sought elsewhere.For public authorities and employers alike, making cuts to the life planning budget would be a false economy and could have dire consequences for many of our citizens.
The credit crunch is indiscriminate in choosing its victims.Rich and poor can have their life plans and finances shot to pieces through no fault of their own.For many individuals, the turmoil can be truly devastating.In bad times as well as good, a holistic approach continuing life planning and financial literacy can help folk redefine their goals in the light of developments within the broader economy and take the necessary action.
I would urge the Government, the FSA and employers large and small to make sure that adequate resources are set aside to help people of all ages top up their life planning skills. If we do this, we may be able to maintain or even improve social cohesion at a time of unprecedented economic turbulence.How wonderful it would be if, as the economy improves, we would have a society immune from the scourge of financial exclusion.All the evidence suggests that financial exclusion soon leads to social exclusion and corrosive disenchantment.Timely life planning can make a world of difference and make sure that, against all the odds, the credit crunch does not do lasting damage to our social fabric or individual well-being.’
Alan Pickering, Chairman, Life Academy