With an economic recovery that could be turbulent for many – whether in insecure work, or affected by an illness or relationship breakdown that could topple their finances – we believe that policy-makers need to take urgent action to put family finances on a steadier footing.
People need a new promise from policy-makers that if they do their best in straitened times they will get the support they need to keep them away from the edge. We want to see policy-makers take action to:
- Help people build their personal resilience by reducing costs, boosting incomes, encouraging saving, and ensuring fairly priced credit is available to help people smooth significant essential costs.
- Ensure that safety nets respond swiftly and comprehensively to people when they fall into financial difficulty, by closing loopholes in Universal Credit and making sure creditors and essential service providers complement the welfare system by giving people support and flexibility when they are struggling with money.
To make this a reality, we believe that a national debt strategy, led by a senior government minister is needed to make sure all the organisations that have a role in our family finances play their part when we fall on hard times. And we need a strong free debt advice sector, helping people get all the support that’s available to them and helping to build their finances back up.