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Rising cost of living Decrease in real-term wages Welfare reform Coping with life events Lack of knowledge about where to get free advice Client Challenges
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1
Debt: Too Poor To Pay
Darren Bruce
30 October 2013
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Money Advice Service
• Money Advice Services (financial capability) across the UK via
web, telephone and F2F channels
• Debt advice – funder and coordination role
Dual Role
• Longer-term funding for providers of debt advice
• Quality Framework & Evaluation Framework
• Common approach to assessing ability to repay via common
budget
• Research to better understand people in debt
Debt Advice Developments / Work in Progress
• Rising cost of living
• Decrease in real-term wages
• Welfare reform
• Coping with life events
• Lack of knowledge about where to get free
advice
Client Challenges
• Scale of the problem?
• Supply & Demand (Annually)
• Segmentation of debt clients (27 November
2013)
• Financial Capability of UK (August 2013)
• Habit Formation & Learning in Young Children
(May 2013)
Our Research
New innovations??
• Should we stimulate demand for debt advice?
• If yes, how can we best stimulate demand for debt advice?
• What can be done to target families with young children and what
service would they need/want?
• How can we work better together to treat clients holistically e.g.
integrating financial capability and debt in the customer journey,
joining up different services etc?
• Are currently debt solutions fit for the circumstances clients face?
• Is email and under-used channel of advice?
Key Questions