‘Give tax breaks for financial planning’

THE Government should increase tax breaks for firms which offer financial planning courses to employees, according to the boss of a major independent financial advisory organisation.

Nigel Green, the chief executive of the deVere Group, believes this incentive is particularly important now that auto-enrolment is being rolled out, and the Retail Distribution Review (RDR) has been implemented.

Currently, companies can only claim £150 per person per year.

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Mr Green said: “Financial planning, undoubtedly, helps people achieve – and often exceed – their financial objectives.

“Therefore, not only does it benefit the individual and their families, but it will also benefit the state as those who are financially secure are less likely to be dependent – which is essential for Britain’s long-term competitiveness and economic growth as it faces the ongoing and growing challenges of an ageing population.

“As such, the more people who are financially literate, the better.

“Arguably the best place to deliver the message that financial planning brings real rewards is in the workplace, as it’s a familiar environment and people can discuss the issues with colleagues and a professional adviser.”