Group to focus on ”simpler savings”

green frog piggy bank

green frog piggy bankThe financial services sector can be a daunting area for parents to get their heads around, with a range of different saving products on offer. It's fair to say, most of us would like some help.

With this in mind, the Government has decided to launch a new steering group which will take a look at how far more simplified financial products could be created to help out the nation's families.

The group is designed to offer guidance to ministers on how simpler products could be developed in the future, considering the ways they are structured and marketed.

Deposit savings accounts are among the products which the group looks set to focus on initially.

Mark Hoban, financial secretary to the Treasury, said: "Simple financial products have the potential to help many consumers make decisions that will help them save for the first time and plan for a secure financial future for them and their families."

So whether you want to save towards a short-term goal such as a holiday, or aim to put some cash aside for your youngsters, it might be worth keeping an eye on the progress of the new steering group.