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.”