Six expert UK budget predictions
By International Adviser, 13 Oct 17
Experts from Old Mutual Wealth and Quilter Cheviot give their budget predictions ahead of 22 November.
Financial capability
Jane Goodland, responsible business director at Old Mutual Wealth says:
“The Tories made a manifesto promise to create “breathing space” for people strangled by debt. Recent ONS figures show we have to dig deeper to pay the bills, harming our overall well-being.
“Government may put forward proposals to relieve debt pressure on families. But ultimately this will only treat the symptoms, rather than the root cause.
“Young people going into the world of work and higher education are ill-equipped to navigate the financial system. Research by the Money Advice Service shows only 41% of 16-to 17-year-olds are able to correctly read a payslip and 18% are unable to correctly identify how much was in a bank account when looking at a bank statement.
“Better financial education would help people avoid problem debt manage their finances. The government needs to fund financial education for all, particularly upcoming generations, who are currently faced with the prospect of being the first generation to grow up less well off than their parents.”
Tags: Budget | Old Mutual | Quilter Cheviot
