The UK’s leading provider of free expert debt advice, StepChange Debt Charity, runs Debt Awareness Week every year with the aim to increase awareness of debt, give advice and signpost to solutions available to help.
This year, Debt Awareness Week is between the 24th-30th March, focusing on changing attitudes to debt and combating the shame and stigma associated with debt to help people access the support they need.
According to a report from The Money Charity, published in June 2024, the average total debt per household reached around £64,000 in April 2024, with an average of £4,232 unsecured debt per UK adult. In other words, per adult, the average amount of debt measures £34,487, which is around 97% of average earnings. In short, debt is a real challenge for many people in the UK, made worse by the continued cost of living crisis.(1)
With a focus on financial wellbeing, My Money Matters knows how important it is to have a proper handle on your finances, and how daunting that can be when you feel out of control. Along with the excellent resources available through StepChange, My Money Matters offers several resources to support you in your journey to financial wellbeing:
1. Money Management. Managing your money can be tough, especially when you are struggling with debt. That’s why My Money Matters offers all members free access to a must-have money management app designed to help you understand your finances better. View all your bank accounts, track your spending, set budgets, cut your bills, and control your finances and find smart ways to save money.
2. Learning Library Knowledge is power: Take control of your financial future with the Learning Library, a data-driven financial education platform designed to help you improve your financial wellbeing. The Learning Library unlocks impartial and personalised financial education, tailored to your needs, including budgeting, growing your savings, planning for retirement, or navigating complex financial decisions.
3. Savings & Investments One way to tackle financial anxiety and avoid future debt is to have a secure safety net of savings. My Money Matters offers access to all members to open an instant access savings account, start a Stocks & Shares ISA, Junior ISA, or General Investment Account from as little as £1, all managed for you by our partner.*
Take control of your finances today by registering with My Money Matters.
*With investing, your capital is at risk. Tax treatments depend on your individual circumstances and may change in the future.
CRISIS RESOURCES:
If you are concerned about your financial situation, help is available. You can get in touch with the following services to find out more.
Trussell Trust - If you’re worried about money and feel overwhelmed, Trussell Trust may be able to help. Their friendly advisers will ask some questions to understand your situation and offer you personalised advice. https://www.trussell.org.uk/help-and-advice/help-through-hardship-helpline
Citizens Advice - If you don’t have enough money to live on, you might be able to get help to afford essentials like bills and food. This includes the Household Support Fund and cost of living payments. You can contact Citizens Advice to find out more. https://www.citizensadvice.org.uk/debt-and-money/cost-of-living/get-help-with-the-cost-of-living/
StepChange – StepChange can help you be free of debt with their tailored advice based on your unique circumstances, for free. Visit them today to find out more. https://www.stepchange.org/
Sources:
The Money Charity, June 2024, “The Money Statistics June 2024”, https://themoneycharity.org.uk/money-statistics/june-2024/
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