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08

#advicefail for less canny nannies

Open-access content Tuesday 28th July 2015 — updated 4.50pm, Tuesday 14th April 2020
2

At the most recent Professional Skills Training course, the 'best' answer for advising my grandmother on an insurer selection was given as: "You should do your research on the company and read the terms and conditions carefully, then make an informed decision." This answer was in preference to four others, including asking a financial adviser. 

While some actuaries undoubtedly have very canny nannies, we must consider this a whopping #advicefail for the average nan's financial understanding. Speaking to a financial adviser is surely the most appropriate advice to most nannies and members of the public. 

I'd offer an 8/10 for the course's focus on whistle-blowing, but a Eurovision nil-point to all the actuaries who didn't mind the advice gap. Let's be sure that our financial sense makes sense.


Nick Spencer,  2 June 2015

This article appeared in our August 2015 issue of The Actuary.
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