Government 'can fight personal debt with financial education'

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Government 'can fight personal debt with financial education'

Tue 11th May 2010

The Money Advice Trust has called on the new government to battle debt problems in the UK by ensuring that people have sufficient financial education.

Joanna Elson, chief executive of the charity, stated that adults would benefit "enormously" from free independent money advice and young people need to be educated about cash if future debt issues are to be avoided.

She remarked: "The financial education package that was lost from the Financial Services Bill during the 'wash up' period before the election was an excellent proposal."

Ms Elsen highlighted how 80 per cent of the people that contact the Money Advice Trust feel more confident about managing their money.

In her view, the best thing that individuals can do is to contact some form of free, independent advisory service as soon as possible.

The Consumer Credit Counselling Service recently reported a sharp rise in calls to its helpline, with 93,000 people getting in touch during the first three months of the year, compared to 69,432 in the same period of 2009.

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