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New mothers financial guidance

19th February 2008

The Financial Services Authority (FSA) has said that it will provide new mothers in England with advice and information about money in summer 2008.

motherandbaby1

The watchdog will offer a pack called The Parent's Guide to Money (PGM) - provided to mothers by midwives - with data about how to budget, maternity leave, and how to claim support and care.

The pack also offers a CD-Rom which helps parents to calculate the amount of tax credit they could receive.

The FSA believes that families may be able to save money by consulting the packs, which have been a success after a trial took place around the country.

A "pilot guide" was sent out to around 1,500 parents. The FSA reported that almost 70% of the expectant mothers involved in the trial said they had taken "some sort of action as a result."

Around 89% said they thought the information was beneficial and "useful". The FSA said the scheme was due to be released across the UK in 2009.

Chris Pond, from the FSA, said: "We want people to have real confidence in dealing with their finances and not feel a bit anxious and stressed, especially at a time when a new baby arrives."

Parent organisations said the PGM alerted parents to find out what benefits they were entitled to receive and to consider how they could save and budget.

 

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