Personal finance is a complicated matter and it is important to all individuals. There are a number of government-funded adn independent organisations which offer guidance and advice to individuals on personal finance. These are outlined below:

Citizens Advice

This is an organisation, run by charities, that offers advice on a wide range of issues both financial and non-financial. Advice is offered at physical centres as well as online and via email and telephones. Financila advice overs areas including devt, benefits, banking, pensions and insurance.

Advantages

• Free 

• Face to face, online or telephone advice

• Wide area of expertise

Disadvantages

• Volunteers are not necessarily professionals and therefore may have limited knowledge

Independent Financial Advisors(IFA)

IFAs are professionals who offer independent advice to their clients on financial matters including savings, investments, mortgages and pensions.

Advantages

• Advice offered by professionals

• Services offered are regulated by FCA and FOS

• Advisers will gain indepth knowledge of individual's full financial situation

Disadvantages

• Services cost money

• Advice is not guaranteed to be 100% accurate, up-to-date or unbiased

Price Comparison Websites

These websites collate prices for similar goods  and services within an industry allowing consumers to make comparisons easily and find the best deals.

Advantages

• Easy to access

• Available 24/7

• Free

Disadvantages

• May not be 100% uptodate 

• May give biased results

• Use of internet can potentially lead to privacy concerns

Money Advice Service

This is a government organisation set up to offer free and impartial financial advice in the U.K.

Advantages

• Government funded

• Advice is free and unbiased

Disadvantages

• No physical meetings (online/phone only)

• Generic advice rather than personal

• Can take time to find and understand advice

• Covers wide range of matters

Debt Counsellors

This is a professional who offers independent advice on how best to manage debt.

Advantages

• Advice offered by expert

• Regulated by FCA and FOS

Disadvantages

• Services  are charged for

• Advice focuses on debt management rather than whole package of financial concerns

Individual Voluntary Arrangements(IVAs)  Bankruptcy

This is a government organisation that allows an individual to declare themselves bankrupt while agreeing to pay all or part of the money they owe to creditors through an insolvency practitioner. Regular payments are made to the insolvency practitioner who then spreads this across creditors deciding how much to pay each one.

Advantages

• Manages debt repayments with regular payments making budgeting easier

• Independent advice

• Unbiased

Disadvantages

• Setup and handling fees charged

• Affects future credit ratings