The ABI has welcomed the Government's initiative to improve public awareness of financial matters.
The economic secretary to the Treasury, Ed Balls, has launched a taskforce to be led by Otto Thoresen, chief executive of Aegeon UK. The taskforce will look into improving financial education for children and ensuring that adults have easier access to financial advice.
Britons currently hold £1.3 trillion of debt.
Stephen Haddrill, ABI director general, said: "The challenge is to stimulate people to take a greater interest in their financial affairs and to give them more confidence to take advantage of the wide range of advice already around.
"There is a lot of detailed work for the taskforce to do, including on value for money. But this looks like it could create a consensus on the best and most cost-effective way forward."
