New Mothers To Receive Finance Guide
A scheme set up by the UK's finance watchdog plans to provide every new mother with a guide about money as from this summer.
Information packs will be distributed by the Financial Services Authority on a range of topics covering childcare, benefits and budgeting. The FSA believes that many families will benefit from such information and even make substantial savings in their day to day expenses.
A trial run already carried out across the country has proved to be a huge success. A pilot guide was distributed to 1,500 parents-to-be through employers, children's centres and health centres. It has therefore been agreed that midwives will now pass on the 'Parent's Guide to Money' pack, (PGM) to all expectant mothers in the early stages of pregnancy.
The finance guide also offers information regarding maternity leave and pay along with useful documentation on Child Trust Funds (CTF) and savings accounts. Those with computer access will be able to use a complimentary CD-Rom allowing you to devise your own budget or explore benefit entitlements such as Family Tax Credit.
FSA representative Chris Pond said, "We want people to have real confidence in dealing with their finances and not feel a bit anxious and stressed, especially at a time when a new baby arrives."
Results have shown that of the people who participated in the trial run, 70% of future mother's went on to take some form of action regarding their finances. 89% said they found the guide to be very useful and informative as it allows you to think about various financial issues in advance.
The guides will be distributed across England as from the summer and extended over the UK in 2009.
Published on February 20, 2008
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