The new money guidance scheme being proposed by the government should be across-the-board and not just targeted at low-income groups, says the Association of British Insurers (ABI).

It was responding to a statement from the Treasury, which has appointed Otto Thoresen to carry out a review examining the feasibility of delivering a national approach to generic financial advice.

The goal of the proposed Money Guidance scheme proposed by Mr Thoresen is for the most vulnerable to the consequences of poor financial decision-making to have greater access to good quality financial planning.

The ABI, in a statement, said that the insurance industry had long argued that an effective generic financial advice service had great potential for all income groups, not just low-earners.

It added: "It's also crucial that any new service is cost effective, efficient and sustainable."

Mr Thoresen said that the new scheme which is being proposed would help people deal with money matters "that shape their everyday lives".

These would include things like budgeting their weekly or monthly spending, saving and borrowing, insuring and protecting themselves and their families, retirement planning and understanding financial jargon.

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