My Budget Day launched

15 October 2007

Insurance firm AXA have announced the launch of My Budget Day, a special day of events which they hope will encourage Britons to take charge of their personal finances.

AXA said that mounting levels of personal debt in the UK led them to create My Budget Day, in which company bosses will be encouraged to allow employees to spend one hour of work time sorting out their finances.

So critical are the issues raised by AXA that it has received heavyweight support from two organisations who do not usually agree on much: both the Confederation of British Industry (CBI) and the largest trade union in the country (Unite) are backing the event.

Steve Folkard of AXA said: "Money is one of the major causes of stress for adults and as such it is a major cause of employee absenteeism.

"It is AXA's belief that rather than adding to the cost of running a business, encouraging adults to take greater control of their finances could actually go some way to reducing not only the UK's levels of personal debt, but also the cost of stress to UK businesses."

Director General of the CBI Richard Lambert called the event "a breath of fresh air" and "a new and innovative way for employers to engage with and motivate their workforce."

AXA also expressed the hope that more UK businesses will support the event - with initial research showing that 52% have refused to participate.

My Budget Day is planned to take place on November 21st.

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