'Super IFA' could be just what the fund manager ordered, following research by Axa UK that found one in three adults refuse to plan their finances at all and those that do find the time to review them set aside only five minutes a week.
Axa suggests a Supernanny, short, sharp, shock approach is needed for Brits to clean up their finances as the research found people needed to only increase the time they spend reviewing their money issues to 15 minutes a week in order to save thousands of pounds in reduced debt and to increase savings.
Axa Avenue has been exploring issues of financial capability and attitudes to managing finances in 20 households, with half receiving financial advice for a year and the other 10 households left to fend for themselves.
The results of the past 12 months show the 10 households that received financial advice were collectively £50,000 better off, with massive savings increases and encouraging levels of debt reduction. In contrast, the households without advice became collectively poorer, frittering away 25 per cent of their savings, resulting in a collective loss of net wealth of 3 per cent.
Axa said Saran Allot-Davey, the independent financial adviser involved in the social experiment, has had a similar impact on households involved as Supernanny Jo Frost.
Perhaps a naughty mat was used. Axa found the first couple of meetings had the greatest impact on participants as they encouraged changes and new habits to be formed.
