Money Week – Increase your personal finance knowledge

The UK's leading debt charity, Consumer Credit Counselling Service (CCCS), is urging people to spend time filling the gaps in their personal finance knowledge during the National Skills Academy Financial Services' (NSAFS) Money Week.

CCCS says that, at its worst, bad personal money management can lead to serious debt problems and is recommending people use its new free online service Money Matters which helps people understand and manage their money better.

Money Matters provides free, impartial and generic guidance on money. It was designed in response to the Thoresen review of generic financial advice commissioned by the Treasury. Thoresen found that there was a lack of impartial information available to people to help them make confident decisions about their finances.

People using Money Matters answer a series of questions on the make-up of their household, their income and expenditure and any financial products they have. Using these answers, Money Matters produces an advice booklet tailored to their circumstances which outlines steps they can take to manage their financial position and provides general information on different financial products including their pros and cons.

CCCS spokeswoman Frances Walker says: "Managing your money efficiently is important for both short and long term happiness. During a recession, nobody can afford to ignore good money management which could even stave off a developing debt problem."

Money Matters is available at moneymatters.cccs.co.uk.