CBI supports personal finance initiative

16 October 2007
The Confederation of British Industry (CBI) has given its backing to a new proposal to give employees time off work to deal with their finances.

The financial services company AXA is calling on employers to support a new scheme called My Budget Day, whereby workers will be allocated one hour of work time per month to sort out their money issues.

CBI director general Richard Lambert told BBC One's 'Breakfast' programme that personal finance plays a large part in people's lives and can affect their wellbeing, which is something employers need to be aware of.

"If people don't feel they are in control of it, that affects first of all their general wellbeing and happiness and over time it can get worse than that, it can lead to stress and economic costs for the company," he explained.

AXA is concerned that too many people are putting off managing their finances in their spare time and believes they would be better motivated if they were allowed to use an hour of work time instead.

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