Good Local Economics
When we talk about localism, what we mean by it? Local used to mean fixed geographical areas within which people grew up, went to school, worked, developed friendships, met their spouse, brought up children, retired and died. Not only were the school, workplace and shops nearby, for most people, they couldn’t travel any further than the area they lived in.
There are more citizens with unpayable debts than ever. And yet professionals in debt services often do not know how they can best, and most rapidly, get these families back on track.
The impact of financial problems is great: lengthier use of benefit payments, a higher sickness absence rate at work, worse relationships with family and friends, increasing psychological and physical complaints and a greater chance of recidivism in the event of criminality. Through paying off debts, not only is the wellbeing of the debtor promoted, but society too is spared the future costs.
Knowledge and insight into the working of the brain make it possible to develop better, more effective approaches.
My new report with Peter Wesdorp, based on research in the Netherlands, provides five ways to incorporate latest scientific insights on brain development and scarcity into practice. The findings are helping to transform debt support in the Netherlands for the better and could easily be applied in the UK.
