Promoting Advice calls for clearer financial guidance

07/10/2008

Charities have joined forces in a bid to encourage debt-hit households to seek out financial advice.

Groups including Citizens Advice and Youth Action have formed the Promoting Advice coalition - and also released research showing that personal finance concerns are on the up in the credit crunch.

According to the new data, eight in ten people are "more worried" about their budgets than they were at this time last year.

Encouragingly, 50 per cent of Britons said that they felt more inclined to search for advice than they did previously.

However, Promoting Advice pointed out that it is often those in the most at-risk groups, such as those on low incomes, who know the least about getting professional money advice or assistance.

David Harker, chief executive of Citizens Advice, said: "Too many people are still missing out on money that is rightfully theirs, assuming they won't qualify or are too daunted by the process of making a claim.

"Anyone unsure about their benefit entitlements, legal rights or other problems should not hesitate to seek advice."

Barbara Rayment, director of Youth Access, added: "Young people are extremely vulnerable in an economic downturn. Already, increasing numbers are experiencing unemployment, poverty and the problems that result from that, such as homelessness and debt."

Around £9 billion of benefits go unclaimed each year in the UK.

Tags; Current UK Economy, Young Family Finances, Credit Card Lifestyle,

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