Our response to the FCA’s discussion paper on Intergenerational Differences

Exploration of intergenerational issues welcome

_{2 May, 2019}

StepChange Debt Charity has today responded to the FCA’s latest discussion paper, which explored how industry and regulators should respond to demographic change.

Peter Tutton, Head of Policy at StepChange Debt Charity, said:

"We have long seen stark differences in the profile of older and younger clients seeking debt advice.

"The drivers of problem debt, as well as the drivers of wealth, are different for different age groups, which is why we all need to be on the front foot in anticipating how to reduce the risk of problem debt occurring right across the generational divides.

We have a particular interest in this as the advice we provide ranges right across the age and assets spectrum – including the extent to which housing equity interacts with older people’s options for dealing with or averting the risk of problem debt.

"We wholeheartedly welcome the FCA’s exploration of intergenerational issues.

Notes to Editors

1. You can read the FCA’s feedback statement here.
2. The age profile of StepChange clients was discussed in our latest Stats Yearbook, and the underlying data can be found in the accompanying datasheet, on the client profile tab.