Posted: Wed Dec 13, 2006 10:15 am
More needs to be done to improve the financial capability of young people,the Ifs School of Finance has said, in a agreement with a Conservative policy group.
In its report, entitled Breakdown Britain, the Social Justice Policy Group said that poor understanding of their finances had lead to stress and anxiety for many people.
The policy group suggested that the number of adults who claim to have had a serious debt problem could be as high as 9m. This compares with research from the Bank of England showing that nearly 6m people feel they are struggling with their finances.
The group suggested the figure could even be as high as 12m if children of these adults were included.
It concluded that the potential for the debt crisis to worsen was a serious concern. It said that peoples’ lack of savings, rising unemployment and rising interest rates were contributory factors.
It warned that a substantial fall in house prices could plunge many more people into a severe debt crisis.
The report referred to research commissioned by Axa showing that 3.8m people admit to money worries causing them to take time off work, and more than 10.7m people suffer relationship problems because of money worries.
The Social Justice Policy Group was launched by David Cameron MP and chaired by Iain Duncan Smith MP. Its report, which was released on Monday, will provide the backdrop for policy development to be submitted to the Conservative Party in the summer of 2007.
Source: FTAdviser.com
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
In its report, entitled Breakdown Britain, the Social Justice Policy Group said that poor understanding of their finances had lead to stress and anxiety for many people.
The policy group suggested that the number of adults who claim to have had a serious debt problem could be as high as 9m. This compares with research from the Bank of England showing that nearly 6m people feel they are struggling with their finances.
The group suggested the figure could even be as high as 12m if children of these adults were included.
It concluded that the potential for the debt crisis to worsen was a serious concern. It said that peoples’ lack of savings, rising unemployment and rising interest rates were contributory factors.
It warned that a substantial fall in house prices could plunge many more people into a severe debt crisis.
The report referred to research commissioned by Axa showing that 3.8m people admit to money worries causing them to take time off work, and more than 10.7m people suffer relationship problems because of money worries.
The Social Justice Policy Group was launched by David Cameron MP and chaired by Iain Duncan Smith MP. Its report, which was released on Monday, will provide the backdrop for policy development to be submitted to the Conservative Party in the summer of 2007.
Source: FTAdviser.com
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5