tackling debts and managing money wisely :
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Tackling Debts and Managing Money Wisely :. towards effective, innovative and sustainable money advice. Joanna Elson Chief Executive, Money Advice Trust 23rd June 2011. MAT takes three roles in the provision of money advice… . Improving the debt and credit environment. giving advice. - PowerPoint PPT PresentationTRANSCRIPT
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Tackling Debts and Managing Money Wisely :
towards effective, innovative and sustainable money advice
Joanna ElsonChief Executive, Money Advice Trust
23rd June 2011
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MAT takes three roles in the provision of money advice…
giving advice supporting advisers Improving the
debt and credit environment
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1991
2011
• Shift towards partnership working across UK
• Deepening understanding of the causes of debt
• Establishment of telephone advice
• Response to 2008 global economic crisis: internet tools, triage, Cashflow, new remedies...
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• clients experienced improved knowledge and confidence in managing money (83% National Debtline clients)
• advice services confident training improves outcomes for their clients (50% attended at least two courses)
• repossessions prevented at cost of £16000 per household (estimate: Department for Communities and Local Govt)
• Fewer doctor and hospital appointments needed (40% National Debtline clients)
Money advice works….
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Household debt will rise to £2.1 trillion or £84,000 per household by 2015
Office of Budget Responsibility revising upwards their forecasts, April 2011
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Problem debt affects around 5 million people across the UK
Dr John Gathergood,Nottingham University2010
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Forecast demand for debt
advice from free-to-client sector 2010 -
2015
Interest rate and cost of living increases
Poor and predatory practice from fee-charging companies
Changes to infrastructure and
environment for debt advice
provision
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Challenges and innovationsDemand
Poor Practice
Infrastructure changes
Optimal channel strategy
Effective, innovative and sustainable free services
Money advice beyond traditional settings
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Effective, innovative
and sustainable
money advice
Cost Effectiveness
Needs of the client
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Locally based but UK wide services providing effective and sustainable
advice.....
• Consortium of Local Advice Services South Yorkshire
• East End CAB
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‘Good advice is worth every penny we can possibly spend on it’
Baroness WilcoxUnder Secretary of StateHouse of Lords3 May 2011
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