Despite the COVID-19 crisis affecting our finances, nine in ten UK adults – that’s 47 million of us – don’t find it any easier to talk about money, or don’t even discuss it at all.
Everyone has money worries – and for many, current affairs over the past 18 months have made these worse – but just as you can take actions to improve your physical health, you can take some simple steps to feel more in control of your financial wellbeing too.
Research shows that people who talk about money make better and less risky financial decisions, have stronger personal relationships, feel less stressed, anxious and more in control.
Join Debt Free Advice at our pop-up advice centre at 58 Oxford Street from Monday 8th until Saturday 13th November for Talk Money Week.
The centre will be open from 10am-8pm daily with a programme of events including sessions on savings, budgeting, common debt worries and how to access non-judgemental support - you can see the full event schedule here.
With Furlough ending and the holiday season quickly approaching, we're pleased to open a pop-up money advice centre on Oxford Street for Talk Money Week. Our goal is to encourage more Londoners to seek advice for their money and budgeting worries, and show them that free, non-judgemental advice is available to them when they need it.
Sadly, In London, over 1.4 million adults struggle to make ends meet. The most common types of debts we support clients with are rent arrears (48%), council tax arrears (34%), and credit card debt (34%).
In addition, we have seen a sharp rise in young people using short term finance options from companies with buy now pay later schemes rather than learning to budget within their means. What used to be a small percentage of credit these deals can easily trap those most vulnerable. Digital credit equals real-life consequences and debt for many. It’s a clever rebranding of credit aimed at a younger crowd. However, it could have serious implications on future credit if not used carefully. In the UK, the use of BNPL nearly quadrupled in 2020, to £2.7bn in transactions, according to official data.
Our Debt Free Advice service, delivered by a partnership of 17 charities working together, provides a single debt advice service for London with a dedicated team of staff. Funded by the Money and Pensions Service we provide free and impartial advice to those with a debt problem.
Our advice is available via telephone, webchat, video chat and via a network of face-to-face advice centres. As well as video advice kiosks placed in community hubs, libraries and food banks in order to reach the vulnerable.
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