Spend Forgotten Money On Helping Consumers Better Manage Their Money
Friday 2 October 2009
The Consumer Council is recommending that any money left in forgotten accounts should be spent on helping consumers better manage their money. The comments come in response to the Department of Finance and Personnel’s consultation on how any remaining money that is not claimed should be spent.
Julie Megrath, Head of Money Affairs at the Consumer Council said, “The Consumer Council believes the first priority is to get this money back to the people to whom it belongs. We urge consumers and banks to take action to ensure this happens. That is why we launched our campaign in April last year to reunite consumers with their forgotten cash.
“Consumers can reclaim their money at any time but instead of the banks keeping the money, the Government plans to put it to good use. It is currently consulting on this issue to find out what people think this money should be spent on. We strongly recommend that it should be used to help consumers gain the knowledge, skills and confidence to manage their money. Consumer Council research shows that consumers here are bottom of the UK league when it comes to being financially savvy and this may be the reason why there is so much money lying in forgotten bank accounts in the first place.
“Checking for a forgotten account should be simple - visit www.mylostaccount.org.uk. If you encounter any problems with your search, contact the Consumer Council on 0800 121 6022.”
