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Financial advice could save low earners billions

Fifteen million low income earners currently lack access to financial advice, but if the government set up a national generic financial advice service as planned, those affected could save billions, new research has shown. According to the Resolution Foundation (RF), even if only ten per cent of those on a low income took up the government's proposed advice service, unsecured loans would be cut by £2.2 billion. Credit card debt is also expected to see a two-thirds reduction to £830 million.With sensible advice on investing for the future, the foundation anticipates £560 million of low earners' money ploughed into pension funds and an extra £225 million contributed to life insurance premiums. RF believes that the financial services industry would benefit from more consumers receiving the correct advice as this would create a more sustainable market. The foundation is calling on the financial services industry to support the government's proposals for the advice service. Clive Cowdery, chairman of RF, commented: "Greater access to financial advice links a sustainable financial services market with the delivery of public policy goals. This creates a win-win situation for the Government and the financial services industry."

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