Financial education must to enable people save more.

The lack of consumer awareness regarding financial matters is one of the main factors leading to the UK's savings gap. People should come forward to save more rather than resorting to personal loans whenever the need arises. Experts believe that independent financial advisers (IFAs) have got a significant role to play amidst the people who lack financial education.

London (loans-bazaar) November 15, 2006:A study from life insurance and pension company Aegon emphasises on the need for financial education.

The study shows that financial education in schools would encourage people to seek advice on financial matters. Besides, 92 per cent of IFAs were convinced they have a professional responsibility to ensure that their clients have a financial plan for life.

Online information also inhibits people from taking independent financial or personal loan advice. The research reveals that 11 per cent of IFAs think that the amount of information available on the Internet, such as advice on savings, investment and pensions, render it difficult for individuals to seek independent financial advice.

Otto Thoresen, chief executive of Aegon UK said that Aegon's research indicates the importance IFAs play in helping people develop long-term savings plans.

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