The Efforts of the Personal Finance Education Group

Write a 3250 word paper answering; Its programmes have successfully gained the support of government and business and are being adopted in its pilot sites. The “Learning Money Matters” and “What Money Means” projects are its more prominent success stories, which have been awarded funding by the Financial Services Authority and the global bank, HSBC.While it is reaping some success now, if it continues to operate in “business as usual mode”, the pfeg may soon face sustainability problems, mainly because of its over-reliance on outside funding. There are operational matters that should be examined, as well, for potential difficulties that may result from decentralization.Also, some of its activities may also overlap with the efforts of similar agencies in the country, although these are probably outnumbered by untapped opportunities for collaboration. The most urgent issue pertains to developing new sources of financing.Just a few years ago, the Bank of England reported that the country had reached the GBP1-trillion threshold for consumer debt (BBC, 2004). With the population incurring about GBP800-billion in mortgage loans (and the rest in credit card and personal loans) and interest rates rising steadily, Malcolm Hurlston of the Consumer Credit Counselling Service warned consumers to “stop and think if they can afford their debt burden”.Yet, by December 2007 – only less than four years later – total personal liabilities had reached GBP1.4-trillion, rendering every British adult in debt by GBP30,000 (Credit Action, 2008). Put another way, every five minutes, consumer debt was increasing by about GBP1-million.What is more alarming is that it is not just the adults that are acquiring loans. An online survey in 2007 found that, before they turn 18 years old, more than half of the teenagers in the country have already incurred some kind of debt (pfeg, n.d.).

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