A statement by the Association of British Insurers (ABI) has asserted that the UK insurance industry would support the establishment of a generic financial advice forum.
Such support services could be used to help those experiencing financial difficulties by offering practical guidance on taking control of their debt and assets.
"The insurance industry has long argued that an effective generic financial advice service has great potential to help consumers make better financial decisions," the statement claims.
It also adds that there is significant evidence that shows that people would be able to manage their finances more effectively if they had access to a generic advice forum.
New research suggests that three out of five people experiencing financial difficulty do not seek guidance on how to improve their position.
The Money Advice Trust poll also suggests that a large number of people are unaware that financial support services exist.
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