Share
Print
Print Share

Press comment: problem debt dilemma

16/01/2018

If you are covering the release of the Institute for Fiscal Studies new report on problem debt, please see below press comment. 

Jane Goodland, responsible business director at Old Mutual Wealth comments:

Jane Goodland“The report from the Institute for Fiscal Studies zeroes-in on Britain’s consumer debt challenge and makes the important point that not all debt is problematic. Debt can be used as a tool for building a more prosperous future, but it can also cause damage if it is mismanaged and leads to financial, emotional and psychological strain.

“Taking out debt is an important decision and people often face difficult choices when they think about what kind of debt to take on, how much they can afford and how they want to repay it. That all requires careful planning and we must ensure people are equipped with the right knowledge and skills to make informed choices.

“Decisions around whether or not to take out debt start from a young age – the IFS research shows that worryingly 14% of 20 to 24 year olds are already struggling under repayment pressure. This is why financial education is crucial. We know that our behaviours and attitudes toward money are shaped early on and it is important for young people to develop good habits, so they are equipped to manage the financial choices they will face as young adults.

“Financial education needs to be part of a multi-pronged approach to tackle the issue of problem debt. Measures to reduce reliance on debt, regulate credit and increase support for those struggling with repayments may help families struggling today. But that will not prevent future generations from suffering similar financial struggles. More can be done to address the lack of financial literacy many people suffer from, which is the result of inadequate financial education. Research shows being good with money is not only about numeracy, but about behaviours and attitudes which begin to evolve at a young age.”

 

Old Mutual Wealth supports KickStart Money, a ground-breaking collaborative project that aims to take financial education to over 18,000 primary school children and supports calls for financial education to become a compulsory element of the Primary National Curriculum.

For more information contact

Kathleen GallagherOld Mutual Wealth023 8072 629307990 004932kathleen.gallagher@omwealth.com

Notes to Editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.7 billion in investments (as at 30 September 2019).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

The Quilter plc businesses are being re-branded as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Charles Derby Group (becoming Quilter Financial Advisers)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
  • Old Mutual International (becoming Quilter International in 2020)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.