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musings on financial education and christmas savings September 15, 2007

Posted by Bradley in : Uncategorized , trackback

The UK Treasury set up an independent review of generic financial advice (the Thoresen review). Next week there will be a pilot of face-to-face, internet, and telephone generic financial advice.

In looking at the Consumer Direct website to see if there is any information available before the launch (scheduled for Monday 17 September) I came across (post Farepak collapse) pages on Christmas savings. There is a handy comparison chart, which shows the differences between various products. I find it a bit confusing that the chart uses large green ticks (UK term) or check marks (US term) to identify product characteristics. I would assume such a marking reflected a positive attribute, but products which require you to buy from a particular supplier have a nice big green tick/check mark, and I’m not sure that is a desirable feature.

There is also a set of pages with pictures of Christmas tree baubles in different colours. These baubles do not seem to be intended to be colour coded to reflect the desirability of the products. Bank savings accounts have a green bauble and credit union savings accounts have an orangey-red one although the descriptions of these products are unsurprisingly very similar. But don’t the colours send an implicit message about the different products, especially given the move to traffic light markings on foods in the UK?


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