StepChange has today (July 17) launched the “Life Happens” report.
The report shows that the more life events such as birth, death, relationship breakdown, illness, caring responsibilities and fluctuating employment someone experiences, the more likely they are to be in problem debt.
It also shows that the more coping mechanisms they use, the more likely they are to be in difficulty. Coping mechanisms include: applying for benefits; borrowing money from family and friends; using credit cards, overdrafts or high-cost credit; relying on statutory pay (such as sick or maternity pay) and cutting back on expenditure. Commenting on the report,
Becky O’Connor, personal finance specialist at Royal London, said:
“No one ever thinks something bad is going to happen to them. It’s hard to go through life expecting the worst. But the truth is life can be full of knocks and these can have a massive impact on our finances.
“It can be really hard to claw your way out of debt holes after a big life event like divorce.
“Given that for most of us, life will not always be a bed of roses, it’s a good idea to expect the worst when it comes to finances and prepare – as much as you can - accordingly.”
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About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.