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Finance guidance for new mothers | Finance guidance for new mothers |
(about 5 hours later) | |
Every new mother is to receive guidance about money from this summer under a scheme run by the UK finance watchdog. | Every new mother is to receive guidance about money from this summer under a scheme run by the UK finance watchdog. |
The Financial Services Authority will distribute packs giving information on topics such as budgeting, benefits and childcare options. | The Financial Services Authority will distribute packs giving information on topics such as budgeting, benefits and childcare options. |
The FSA thinks some families could save themselves hundreds of pounds by using the guides, which are being rolled out UK wide after successful trials. | The FSA thinks some families could save themselves hundreds of pounds by using the guides, which are being rolled out UK wide after successful trials. |
Midwives will pass them on in the early stages of pregnancy. | Midwives will pass them on in the early stages of pregnancy. |
Action taken | Action taken |
The Parent's Guide to Money (PGM) also addresses topics such as maternity leave and how to save through Child Trust Funds. | The Parent's Guide to Money (PGM) also addresses topics such as maternity leave and how to save through Child Trust Funds. |
People with access to a computer can use a CD-Rom to work out a budget or see how much tax credit they might get. | People with access to a computer can use a CD-Rom to work out a budget or see how much tax credit they might get. |
The information is credited with giving greater financial confidence, especially to young and less financially well-off parents-to-be FSA report | |
The pilot guide was distributed to about 1,500 prospective parents through employers, children's centres and to pregnant women directly. | The pilot guide was distributed to about 1,500 prospective parents through employers, children's centres and to pregnant women directly. |
Chris Pond, from the FSA, said: "Our research suggests that a lot of people are confused and sometimes bewildered by the range of things they've got to think about. | |
"Things like the Child Trust Fund and tax credits, how they deal with debts and mortgages, what they should do about going back to work and what their rights are in going back to work, as well as the costs of child care." | |
The FSA said nearly 70% of the mothers-to-be who had taken part in the trials reported that they went on to take some sort of action as a result. | The FSA said nearly 70% of the mothers-to-be who had taken part in the trials reported that they went on to take some sort of action as a result. |
Some 89% felt they had benefited from reading the guide and had found the information useful. | Some 89% felt they had benefited from reading the guide and had found the information useful. |
The most common advantages mentioned were being alerted to benefit entitlements and prompting them to think about saving and budgeting. | The most common advantages mentioned were being alerted to benefit entitlements and prompting them to think about saving and budgeting. |
'Positive impact' | 'Positive impact' |
An FSA report on the trials said: "The PGM was well received by all and considered to be a new and helpful means of providing those about to embark on starting a family with all the important financial information they would need. | An FSA report on the trials said: "The PGM was well received by all and considered to be a new and helpful means of providing those about to embark on starting a family with all the important financial information they would need. |
"Findings suggest that the PGM has a positive impact on understanding financial matters and encouraging prospective parents to take positive action to prepare themselves financially. | "Findings suggest that the PGM has a positive impact on understanding financial matters and encouraging prospective parents to take positive action to prepare themselves financially. |
"The information is credited with giving greater financial confidence, especially to young and less financially well-off parents-to-be, and encourages them to search for additional information." | "The information is credited with giving greater financial confidence, especially to young and less financially well-off parents-to-be, and encourages them to search for additional information." |