March 2016

Financial confidence plummets

A recent survey of 104 companies has shown that optimism among financial sector companies has suffered a sharp drop.

 
The poll highlighted financial market instability, competition from within the sector and larger global economic uncertainty as the top three challenges facing financial services over the coming year.
 

How to Survive an “Income Shock”

Suddenly single or lost your job? Many people who realise they can no longer cope with their debt do so after a life event which causes a shock to their income.

 

Do these four things make you more likely to be in debt?

The Money Advice Service has released a report which tries to pinpoint who is most likely to fall into debt. 

 
Many people who suddenly become “over-indebted” (in other words they can no longer cope with their debt, versus people with debt who are managing the repayments easily) do so after a life event which causes a shock to their income; perhaps a divorce or severe illness.

What is the new Help to Save scheme?

The Prime Minister has unveiled an initiative to encourage people on low incomes to save. 

 
People on low wages will soon be eligible for a financial top up from the government of up to £1,200 over four years if they put money away into a savings pot.
 

Clampdown on individual responsibility for conduct and standards in the financial sector

The Financial Conduct Authority (FCA) has announced this week that two new schemes have come into force which will hold individuals working at all levels within the banking industry to appropriate standards of conduct, as well as ensuring that senior managers are held to account for misconduct that falls within their area of responsibility. 
 

Debt Advice Foundation calls for financial education in primary schools to halt rising consumer debt

As a leading debt charity, we believe that financial education needs to become a national priority to stem the tide of rising consumer debt.