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StepChange Debt Charity response to Financial Capability Strategy

28 October 2015

Following the release of the Money Advice Service and UK Financial Capability Board’s Financial Capability Strategy, Mike O’Connor, Chief Executive of StepChange Debt Charity, said:

“The Financial Capability Strategy rightly highlights the problems of a lack of financial resilience and significant numbers of people struggling with problem debt.

“We know that problem debt costs the UK £8.3bn and that a lack of financial resilience is putting millions of people at risk of falling into serious financial difficulty and long-term hardship. Our research shows that half a million households could be prevented from falling into problem debt if they had just a £1,000 precautionary savings buffer.

“A concerted effort is required to tackle these problems and this strategy is a welcome contribution towards achieving these aims.”

StepChange Debt Charity news contact

Contact the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404 153

Email: press@stepchange.org

Follow our press team on Twitter: @StepChange

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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© StepChange Debt Charity 2016