The UK’s financial health is never far from the spotlight at present, adding additional pressure onto people already feeling the squeeze. But although the cost-of-living crisis plays a part, it’s not the only factor. Long-term issues are fuelling the challenges many families face today as they struggle to put food on the table.
We’re not educating our children about household finances, and people caught in problem debt are struggling to escape from it, closing off their access to affordable credit. The UK's debt advice services continue to experience high demand for their support, with increasing numbers of people finding themselves in financial difficulty. We know there's more that we can do to help change the conversation around financial education and improving the financial health of the UK.
Money talks at Labour Party Conference
Lowell has been at the forefront of discussions about how to improve the standards of financial education across the country.
In October, Lowell CEO John Pears, was at the Labour Party Conference in Liverpool.
In front of an audience of prominent figures from the UK’s political landscape, thought leaders, and influential media commentators, he was on the panel for the debate hosted by The Maths Anxiety Trust and the Centre for Social Justice, ‘On the money? How to improve financial education in the UK.’
John stressed that financial literacy needs to be part of everyday teaching in schools and workplaces, not just a niche optional subject. As an ethical debt company, we’re championing comprehensive financial education as one of the main ways the UK can tackle its low standards of financial literacy and the rise in problem debt.
New ideas with New Statesman
We’ve also been in Westminster, pushing for the government to pay more attention to the rise in financial vulnerability in all parts of the UK.
Ahead of co-hosting the Westminster Debate with Lowell’s Chief Risk and Reputation Officer Eva Eisenschimmel, John shared insights with the New Statesman on how government and the private sector can work together to improve the UK’s financial health.
The roundtable, held in partnership with New Statesman, brought together industry leaders and policymakers, including Yvonne Fovargue MP. The panel discussed how to combat shortsighted ‘quick fix’ policies and tackle the long-term factors driving financial vulnerability.
Five steps to a financially fit future
By the end of the session, the panel was unanimous in agreeing the need to:
- Curb unregulated debt advice that misleads people looking for help.
Establish effective collaboration among agencies tackling financial vulnerability.
Implement social tariffs for energy bills, so no one goes cold.
Bridge the widening gap in the loans market.
Help medical practitioners see the link between debt troubles and poor health.
We're putting our money where our mouth is
We’re leading the way on improving debt collection standards in the UK. But that’s not enough for Lowell. We’re campaigning to eradicate the stigma of debt and improve the level of financial education across society, helping bring stability to the lives of the most financially vulnerable.
Follow us on LinkedIn for updates on our efforts to create an inclusive and financially secure future.