Bleating of the Lambs

Students are at it again. Protesting, that is (see back page). The action group, Lamb, (Lloyds and Midland boycott) which is concerned about Third World debt, is planning some fun for forthcoming freshers' week - at the expense of the banks, who are falling over themselves to pick up these high-rollers of the future.

Lamb wants to change Lloyds' and Midland's lending policies and reckons it can take millions off their profits by dissuading students from setting up accounts. Of course the really smart will mix money and morals by first opening accounts with Lloyds and Midland for the freebies and interest- free overdraft, and then shifting their pennies elsewhere.

The banks may regard Lamb students as seriously in need of re-education. But, if truth be known, we could all do with more financial know-how. This week research published by the Association of Unit Trusts and Investment Funds found that only 13 per cent of youngsterssaid they managed their money well and that their most popular financial role model was Chris Evans, the TV and radio presenter. For what it's worth, Chancellor Ken Clarke and Mystic Meg ranked lower in that table.

Many in the financial world have talked about getting finance and money management on the national curriculum, given the increasing need for personal responsibility for financial security. All fine and dandy, except that this is the same financial industry which has added to people's problems through overly-complex products and poor advice.

For anyone wanting to indulge in a bit of self-education or protection, two books I would recommend are Which? Way to Save and Invest, published by the Consumers' Association, and the Investors Chronicle's Beginners Guide to Investment. Both are in the bookshops, priced about pounds 10.

A rare cheer from me for a traditional building society, meaning one that is resisting the trend to hand out windfalls and convert to a bank. The Portman building society is guaranteeing not to reduce the interest rates on its savings accounts for the rest of 1996. The society's offerings include a market-leading, instant access account that pays 4.5 per cent on as little as pounds 100.

More guarantees like this, from societies claiming they want to stay mutuals, would not go amiss. For windfall hunters, Birmingham Midshires remains my top tip, with the Skipton also worth a punt for the longer term.

More progress on insurance windfalls, too. Colonial Mutual's already- announced cash or shares handout should be worth at least pounds 285, and average more than pounds 500. Around 350,000 UK policyholders of the Australian insurer should be eligible. Pay day will be when the insurer joins the stock market next year. Those eligible include holders of endowments, pensions, and most annuities and life insurance policies.

The proviso is that policies must be from Colonial Mutual Life Assurance and there are some date limitations. Holders of Colonial unit trusts, Peps and other products sold by Colonial subsidiaries will not qualify.

Customer information on the details will go out shortly. The insurer has yet to track down a fifth of its UK policyholders. So, if you think you're eligible, but you don't hear anything within a few weeks, telephone 0345 697502. But even if you're a failed-to-register but eligible policyholder, you'll still be able to claim shares for the next five years.