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Date: 7th June 2006

Release Time: IMMEDIATE

INSTITUTE, PFEG & GE MONEY IN PARTNERSHIP TO DELIVER A NATIONAL PROGRAMME OF FINANCIAL LITERACY IN SCHOOLS

The Institute of Chartered Accountants in England & Wales today (07.06.06) joins forces with pfeg (Personal Finance Education Group) and GE Money, a leading UK consumer finance provider, in a new partnership to help deliver financial literacy in schools.

The partnership will develop a programme of initiatives to help raise awareness amongst secondary school pupils about the importance of managing money. This will complement the work already being carried out by Pfeg, who have been tasked by the government with promoting financial education to children and young people.

Speaking at the Institute's annual president's lunch, Ian Morris, President of the Institute of Chartered Accountants said: "Financial illiteracy can be one of the biggest challenges facing young people often leading to indebtedness and social exclusion. By working with pfeg, and with the support of GE Money, I believe chartered accountants can make a real difference at the start of an individual's financial life by equipping them to approach the financial challenges they will face with confidence and understanding."

Added Jean Burke Head of Corporate Responsibility at GE Money UK: "As a leading provider of financial services in the UK, this partnership is important to us. Our philosophy is about addressing the growing social issue of indebtedness at root cause."

"The financial pressures on young people can be enormous. We hope this initiative will help them to gain a better understanding of how best to manage their money, both now, and in the future"

Concluded Ron Sandler, Chairman of PFEG: "The Institute's 128,000 members, each of whom has one of the most respected accountancy qualifications, together with the staff and volunteers at GE Money will be an invaluable, resource in the campaign to raise levels of financial literacy amongst young people. They will be able to bring a real life perspective to what can be a very complex subject."

Media enquiries:

Contact Simon Thompson, ICAEW press office, on 020 7920 8515 or email simon.thompson@icaew.co.uk

Notes to editors:
  1. The Institute of Chartered Accountants in England & Wales is the largest professional accountancy body in Europe, with over 128,000 members. Three thousand new members qualify each year. The prestigious qualification offered by the Institute is recognized around the world and allows members to call themselves Chartered Accountants and to use the designatory letters ACA or FCA.
  2. The Institute operates under a Royal Charter, working in the public interest. Its primary objectives are to educate and train chartered accountants, to maintain high standards for professional conduct among members, to provide services to its members and students, and to advance the theory and practice of accountancy.
  3. pfeg is a registered charity and its mission is to make sure that all young people leaving school have the confidence, skills and knowledge in financial matters to take part fully in society. pfeg brings together teachers, government, consumer bodies, the Financial Services Authority and industry representatives.
  4. GE Money is the new trading name of GE Consumer Finance (GECF), one of the world's leading consumer finance services to consumers, retailers and auto dealers. Headquartered in the US, GE Money operates in 48 countries around the world and has assets worth over $150 billion.
  5. In the UK, GE Money offers credit cards, fixed-term retail credit, loans, mortgages and auto finance. GE Money also operates retail branded credit cards for fashion retailers, department stores and supermarkets. Further information about GE Money can be found at www.gemoney.co.uk .


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