Four models for free, nationwide debt and pensions advice were proposed last week, but a fifth model already exists. Read about the under-rated web resource: The Secret Fool Garden.
Not long ago, a committee of MPs (a Treasury Select Committee) wrote a report that suggested a free financial advice service is needed, particularly for the 8 million people who earn £10,000 to £20,000. People who earn less tend to get free advice, and people who earn more can more easily get advice through an IFA, but those in the middle struggle to get affordable support.
The two aspects of personal finance that were mentioned most frequently in the report were debt and saving for retirement. All four of the models that it suggested for handling these issues were in the form of national bodies, but I don't believe that such a thing is the most cost-effective way to go about it. Plus, the report was considering the provision of generic financial advice only, which means that it's not tailored to your needs. This is rather poor, as all our circumstances are different.
Regardless of your situation: whether you're poor, rich or in between, you can get all the information you need free, and tailored to you, from other people who are in the same situation. These people are called 'Fools' and you can find them in the Secret Fool Garden.
.Actually, you'll find them on our discussion boards, but if these were called Secret Fool Gardens, it would prevent most of you from immediately switching off, which I assure you is a mistake! The Motley Fool was founded on the principle that anyone can take care of their own money and do a darn-sight better because they're not paying a middle-man's fees.
On the boards, I mean, er, in the gardens, many sage Fools share their tips. Often a question is debated until there is a consensus, so you're not relying on the opinion of any one money-grabbing adviser. Plus, Fools can point you in the right direction of any other services you may benefit from, such as Citizen's Advice, the Consumer Credit Counselling Service, the Money Advice Trust and AdviceUK.
My favourite Internet resource ever is our own Dealing With Debt discussion board. Whether you consider yourself to be 'in debt' or whether you're just exceeding your budget once too often, this is a great place to start.
There are many busy discussion boards that may help you for pensions too, such as Pensions - Practical Problems and Ask A Foolish Question. Indeed, you need look no further than our series of boards called 'Managing Your Finances', which you can see here.
So I propose a fifth model for free financial advice, and it already exists: let The Foolish community take care of you. Lurk in our Secret Fool Gardens and post an anonymous question. You won't believe the wealth of knowledge you'll uncover.
> Visit our discussion boards for jargon-free advice from knowledgeable equals.
> Read our guides in our Get Out Of Debt centre and Retirement And Pensions centre.