Published: 3rd Jul 2014

Governments around the world are asking people to take on an unprecedented degree of responsibility for managing their finances. In the UK, government policies such as Universal Credit and greater pension flexibility, giving people the freedom to extract benefit much earlier than before, provide an opportunity for people to take greater control of their finances. But this also comes with the risk that low financial literacy skills and poor decision making could make many worse off. This shift in responsibility for financial management comes at a time when households are becoming more susceptible to debt. National debt advice charity the Money Advice Trust recently revealed that more people are falling into debt because they can’t afford basic household bills such as energy bills, water bills and council tax. Debt charity, Stepchange, found in 2013 that the two biggest triggers forcing people to seek debt management advice were unemployment or redundancy … (To read the full article, subscribe below)