MP secures finance debate in Commons (From Swindon Advertiser)
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MP secures finance debate in Commons
7:20am Friday 9th December 2011 in News
A SWINDON MP has secured a landmark Commons debate to press for compulsory lessons designed to prevent youngsters facing financial disaster.
Justin Tomlinson, MP for Swindon North, has been pioneering a campaign for lessons on money to be a mandatory part of the school curriculum.
A Parliamentary group is about to publish a major report on financial education for young people, while supporters are also signing an e-petition on the subject.
Now the Commons backbench business committee, which decides what is discussed in the chamber, has allocated at least three hours to a debate, on Thursday.
Speaking in the Commons recently, Mr Tomlinson, called for better financial education, clearer labelling of the cost of financial products and tougher powers to shut lenders that break the rules.
And he said: “Ninety one per cent of people in financial difficulty feel, that with better information and advice, they would have made different decisions.
“MPs know, through their casework, of the distress in which individuals find themselves – and in times of financial difficulties their needs are even more urgent.
“These people do not necessarily have the time to shop around and make informed decisions and many people who get into financial distress do so following a significant change in their circumstances, whether it is a job loss, bereavement, illness or family breakdown. At such moments, they are not necessarily in the strongest position to address the challenges they face.”
Mr Tomlinson, who has worked with money expert Martin Lewis and TV maths expert Carol Vorder-man as part of the campaign, insisted the Government needed to go further than offering people free and independent financial advice.
He said: “Just as we insist on having a government health warning on cigarettes, I would like to see information published about how to access the free independent advice.
“Too often, we have seen some debt management companies create spurious charities, whose people then provide the ‘independent advice’, when they are, in fact, just subsidiaries of the company going after the business in the first place.”
The report is published on Monday and coincides with the launch of how the group would like to see compulsory financial education work. Thursday’s debate is the fourth that has been brought about an e-petition securing 100,000 signatures.
Comments(33)
I 2 Could B
says...
8:04am Fri 9 Dec 11
The only reason we're dancing around this subject is because the people who borrowed money when they knew they'd never be able to pay it back would rather blame them faceless 'bankers' than themselves and their friends and families.
The moment you spend more than you earn (or can generate in benefits and other income), you're going to potentially have problems. Everyone already knows that, they just choose to pretend it'll all somehow be OK - hence the economic mess that this country is currently in.
These lessons are a reasonable idea as long as they address the main problem and root cause of people's predicaments: when you earn £19k a year you cannot keep spending £29k a year for very long.
scottwichall
says...
8:11am Fri 9 Dec 11
Robfm
says...
8:14am Fri 9 Dec 11
Punctured bicycle on a hillside
says...
8:28am Fri 9 Dec 11
Lesson two, always make a budget (and stick to it).
Robfm
says...
11:20am Fri 9 Dec 11
itsamess
says...
12:04pm Fri 9 Dec 11
Lesson two is not always possible as there is very little security of jobs these days.
One of the most important decisions is to purchase a house and upgrade if needs require. I was fortunate to inherit a house. I dread to think how i would have coped with a mortgage at that time as all my money went into study and getting on the ladder to achieve my aims.
You are right about financial institutions and banks as their intent is to get as much as they can from you as many do not understand the interest rates which is possibly why our MP is pressing for better financial education. The biggest con being the PPI on loans which are now having to be paid back. Most folk i know who have found difficulties claiming on them through various reasons realise what seemed a good idea at the time-because sounded good quickly realised it was a big mistake and could not withdraw from the scheme.
At least many are now getting money back--however the companies that specialise in dealing with the claims (free) are making a small fortune from it.
Perhaps this debate will lead to better financial understanding by our youngsters-or will they follow the must have generation who do not work out the true cost of finance?
Punctured bicycle on a hillside
says...
1:33pm Fri 9 Dec 11
So much easier to find out about the best and worst products and deals and who are the sharks to avoid (sadly that's most of them).
itsamess
says...
2:05pm Fri 9 Dec 11
Yes but still dependent on the capability of the applicant to work the figures out to see the true cost. It still stands--never sign anything without reading the small print--very cleverly worded always.
Same with guarantees--most are not worth the paper they are written on.
I 2 Could B
says...
4:21pm Fri 9 Dec 11
Robfm
says...
10:43am Sat 10 Dec 11
I 2 Could B
says...
11:40am Sat 10 Dec 11
I Too
says...
11:11pm Sun 11 Dec 11
Robfm wrote:More comically bad grammar.
I2 but has he Judge Field will not halt the case unless he sees the original death certificate. Gives convicted in your absence a whole new meaning.
All the more comical for being "overlooked" by your (joke for a)"minder" who is usually equally pedantic about others typos
Ha ha ha.
I 2 Could B
says...
7:35am Mon 12 Dec 11
I Too
says...
12:52pm Mon 12 Dec 11
It's as predictable as it is pathetic
I 2 Could B
says...
1:25pm Mon 12 Dec 11
How on earth have I posted on behalf of anyone? I just logged on, saw your semi-coherent attempt at an insult and realised that, going by the time of posting, it was due to you being drunk again. What a very depressing and bitter little life you barely lead.
I Too
says...
3:13pm Mon 12 Dec 11
Seeing as the commeny was directed at robfm, but you answered it, it is reasonable to suggest that you answered on his behalf.
I am also not bitter.
As you know, I lead a very active life with various hobbies.
Unlike yourself with your depressing and bitter life
I 2 Could B
says...
4:31pm Mon 12 Dec 11
You still don't appear to understand this copying thing that you do. When I've just called your life depressing and bitter, you can't then immediately reply calling my life depressing and bitter. It only serves to make you look even more mentally unstable.
Try some original thought for a change, if you're capable of it, and also do try and post something without making an insult.
I'm sure you'll have noticed that each and every time you come here solely to insult people I will make sure you are insulted in return, you silly little cretin.
itsamess
says...
4:42pm Mon 12 Dec 11
I 2 Could B
says...
6:07pm Mon 12 Dec 11
itsamess wrote:Ah, along comes the other one, right on cue. You two really are a complete laughing stock.
Oh dear--must be past your nappy changing time again I 2. Must fill up quickly as you are full of the brown stuff.
I Too
says...
6:32pm Mon 12 Dec 11
No it doesn't.
It points out that YOU are the one with a life of no hobbies and a depressing and bitter mannerism.
It points out that YOU are the very thing that you view as myself.
itsamess
says...
6:43pm Mon 12 Dec 11
itsamess
says...
6:45pm Mon 12 Dec 11
You seem to post in the same time windows--or are you a barman too?
I Too
says...
6:45pm Mon 12 Dec 11
And I'm sure everyone else has noticed that I couldn't give a tom tit.
The only person I have mocked is robfm, brought on largely by his insistance on criticising my grammar even when I have posted on topic.
The same person rightly pointed out your OCD.
You should realise that I do not come on here "solely" to insult people, but if that is your mission for me so be it.
You equally do not like your own medicine.
It is not a just case of YOU deciding when to stop calling ME a cretin.
I do not value your opinion or regard you as anything to respect or fear.
I will decide when to leave YOU alone.
I 2 Could B
says...
8:57am Tue 13 Dec 11
I fully suspect that the Bobfm login that continually refers to me supposedly having 'OCD' is actually yet another one of your multiple logins. You seem to have stopped using Blackwell 2 and decided to mimic Robfm's login instead. You sad, pathetic little cretin.
I Too
says...
1:00pm Tue 13 Dec 11
I've previously quantified my sanity.
Yet to see you do the same.
Who on earth would want to pretend to be
The Bored Barman?
The rest of your post isn't worth answering.
It just highlights your OCD
I 2 Could B
says...
1:20pm Tue 13 Dec 11
I Too wrote:Hmm, you telling us you don't have mental health issues is a bit like Hitler telling us he doesn't have a problem with Jews.
Oh well done. You used the word cretin again. I've previously quantified my sanity. Yet to see you do the same. Who on earth would want to pretend to be The Bored Barman? The rest of your post isn't worth answering. It just highlights your OCD
You're clearly either very drunk, again, or off your medication, again, as you've once again reverted to your usual insane ramblings and insults.
Go and see your doctor, for your own sake.
I Too
says...
3:11pm Tue 13 Dec 11
I have already informed you that I have recently passed my tests as a pilot. Sound body and mind. A1 all round.
You on the other hand have only shown evidence to the contrary with your OCD.
Repeating accusations doesn't make them true either
Just makes you sound like
The Bored Barman
And you missed an opportunity to say "cretin"
I 2 Could B
says...
3:30pm Tue 13 Dec 11
I Too wrote:You are even more of a cretin than I thought.
Not very perceptive with information are you? I have already informed you that I have recently passed my tests as a pilot. Sound body and mind. A1 all round. You on the other hand have only shown evidence to the contrary with your OCD. Repeating accusations doesn't make them true either Just makes you sound like The Bored Barman And you missed an opportunity to say "cretin"
Please do go ahead and tell everyone what psychological evaluation tests you had to undertake to gain your pilots license...
I Too
says...
7:46pm Tue 13 Dec 11
I have mentioned it before and will not be repeating myself at your request.
You have NEVER indicated any evidence of sanity.
To compare my denial of your "mental" accusations to Hitler and The Jews throws further doubt into YOUR sanity.
You may reply to this post Bored Barman2
I Too
says...
7:57pm Tue 13 Dec 11
You may also reply to this post if you wish.
Make sure you use the word "cretin" again.
I 2 Could B
says...
7:05am Wed 14 Dec 11
Doesn't really help your case very much, does it?
I Too
says...
12:59pm Wed 14 Dec 11
I have previously mentioned tests which I've taken since becoming a pilot.
If YOU can't absorb information, about the very person you are obsessed with, that's not MY problem.
No lies necessary.
I am not involved in any sort of "case"
And you forgot to call me a cretin again.
Do pay attention
You may now reply to this post.
Robfm says...
7:40am Fri 9 Dec 11
I heard the BBC's Money Box expert actually saying loans like Wonga for instance if used as intended actually worked out cheaper than setting up and operating a bank overdraft facility (fees etc charged).
The problem of course is once you get locked into 'Pay Day' loans and the like you are then chasing your tail.
However good luck with the debate Justin.