Select were pleased to contribute to StepChange’s Action Plan on Problem Debt which was published earlier this month. The Action Plan sets out a challenge to the next Government to ensure that families come out of the next five years more resilient and better able to weather shocks to their finances.
The 6-step Action Plan draws on economic forecasting from the Centre for Economics and Business Research as well as our own statistical modelling summarised in our report “Savings and Problem Debt” produced for StepChange in November last year. The report summarises our analysis of data from the Wealth Assets Survey and explores the link between the level of household savings and risk of problem debt as well as estimating the level of savings required to remain free of problem debt.
“This was a really interesting project to work on”, says Consultant Sarah Marley. “We were able to take data published by the ONS and produce a series of findings that we hope StepChange will be able to use to influence Government and to help families at risk of problem debt.”
For more details on StepChange’s Action plan and to download our report, please visit the StepChange web site.