More financial education needed, says expert

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More financial education needed, says expert

In order for people to become fully aware of the savings options available to them, more education is a necessity, according to a senior analyst at asset management firm Hargreaves Lansdown.

There was not enough knowledge on a series of key financial products Meera Patel explained and she cited the example of half the general public not knowing about Isas as evidence of her opinion.

The comments of Ms Patel came in the wake of the new Save the Change campaign introduced by Lloyds TSB designed to encourage people to begin saving on a more regular basis.

Under the scheme, every purchase on a Lloyds TSB debit card will be rounded up to the nearest pound with the excess cash being placed into a savings account.

Speaking on the need for financial education in schools, Ms Patel stated: "There are Isas which people can use but I don't think half the general public understands how they work.

"A lot more needs to be done in terms of that in schools. Finance is such a big part of everyday life and yet they don't teach it. That's the bizarre thing. How can people learn about the avenues of how to save?"

Lloyds TSB Save the Change will offer customers the chance to double their savings during January and February by matching the amount saved up to a value of £50.

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