Nationwide welcomes new financial advice pack

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Nationwide welcomes new financial advice pack

Tue 19th Feb 2008

Nationwide Building Society has welcomed the news from the Financial Services Authority (FSA) today that it will be providing pregnant women with a pamphlet entitled Parent's Guide to Money (PGM).

The bank currently sponsors the Teenager's Guide to Money and says many parents need a better understanding of the value of saving.

Matthew Carter, savings director at Nationwide, said that it believes "more needs to be done to fully engage families on the importance of managing their finances".

He revealed that the latest figures from the treasury show a fifth of child trust vouchers expire because parents neglect to use them within a year, while 60 per cent of child trust funds are never used once they are opened.

He added: "We really hope the PGM will be a success and that it will spark the savings habit in families that may never have saved before."

The packs, which will contain advice on budgeting, benefits and the cost of childcare, will be given to expectant mothers by midwives in the early stages of pregnancy.

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