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Thoresen recommends national financial help service

The long-awaited financial advice review from Otto Thoresen was released yesterday.

Mr Thoresen, the chief executive of insurer Aegon UK, recommended the creation of a national money guidance service to help people manage their budgets better.

Research conducted for the review has shown that 75 per cent of people "would use" such a body to advise them on their money concerns.

Mr Thoresen added: "My report sets out how a national money guidance service could transform people's lives as well as bringing substantial benefits to the industry and Government."

"I believe that good money sense needs to be as much part of people's lives in the twenty-first century as healthy eating and keeping fit."

Spiralling levels of personal debt - currently approaching a national total of £1.4 trillion helped to bring the review about.

Just this week, the Co-operative Bank revealed that the average Briton spends around two years of his or her lifetime worrying about financial matters.

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