The FT Financial Literacy and Inclusion Campaign is a great initiative which I unreservedly endorse. Having worked for more than 40 years in finance, it’s only in the past few years that I have been able to grasp all the intricacies, including about alternative investments (Opinion, November 24). So how should someone who does not work in finance ever understand these matters, to protect and increase their wealth?
You write that there are no more than 5,000 Isa millionaires in the UK, which is an abysmal 0.01 per cent of the UK population. And many of these people are former bankers.
It would certainly be good to find new ways to teach people about finance and investments. For example, I’m sure some of these ex-investment managers and bankers wouldn’t mind giving a few lessons, teaching ordinary members of the public about finance.
Too many people are totally dependent on their bank for what is mediocre financial advice, charged at high fees. Perhaps the government should consider a tax incentive for finance professionals to share their wisdom with some of the population where they live. The UK has a big advantage in that English is the language of finance.
So FLIC is a great initiative that can help to liberate people, especially younger people who don’t have housing wealth.
Wolfgang Kerck
Managing Director, Bourne Park Capital, London SW1, UK
