Why It's Needed
The need for financial education is well documented, but without industry change it may be of limited value (see Financial Education/Link to fair trading).
The need for industry change is very real:
- People are struggling to save.
- Pensioners are struggling to retire.
- The young are struggling to get out of debt.
- Many waste hours comparing products they don't trust
- Others do nothing and feel exploited.
- Many feel frustrated and most feel powerless.
Nobody wants to be exploited. At a low level it makes you unhappy, at a high level it can ruin your life. It puts pressure on families, employers and public services with budgets for our NHS and benefits system both being stretched by these practices. Mistrust of the finance industry is also contributing to a pensions & savings crisis that will affect everyone.
Profiting from people's weaknesses must be stopped
Good firms want to rid their industry of these practices, but to do it they need your help. Products that exploit the vulnerable can offer you cheaper loans or higher interest on your savings. They look better value but across a lifetime nobody wins from these products except the provider. You never expect to be forgetful or caught by small print but every year it happens. And even if you never get caught, you'll still pay for those who do through their impact on public services.
Nobody wins from products that exploit the vulnerable
The FairLife Mark will guide you to products you can trust. Please look for the mark, as it will help others in society as much as it helps you. The World you live in reflects the choices you make.
The FairLife Mark is on your side