The government needs to help improve Britain’s savings culture. The Association of Independent Financial Advisers (AIFA) and AEGON UK have suggested several ways to encourage more people to put money away which could help them avoid future debt problems. Saving is a good way to avoid serious debts due to unexpected bills. Individual Voluntary Arrangements (IVAs) are available to people owing more than £15000 in unsecured debts while Debt Relief Orders (DRO) can help more vulnerable borrowers owing smaller amounts. Both are good alternatives to bankruptcy. One idea is a ‘save back’ system, similar to cash back. It would mean people can opt to put some money aside when making purchases.
Government should improve savings culture
June 2, 2010 By
