By Colin Gallagher, United Utilities
Financial management is an ongoing challenge for most people, but worryingly, far too few under 25s are seeking advice when they fall into debt, a new survey has revealed.
This is the feedback United Utilities heard from the money advice community across the region who attended its Affordability Summit at St George’s Hall in Liverpool.
The event – opened by Joe Anderson, Mayor of Liverpool – attracted debt advice charities, food banks, Credit Unions, Housing Associations and financial services to look at what more can be done to help young adults who are struggling with their finances, as well as continuing to support other people who are struggling with their bills.
Louise Beardmore, customer services and people director at United Utilities, said: “The survey showed that many young people are starting to build up debts soon after they turn 18 and very few seek expert advice on how to manage debt and borrowing.
“We’re currently helping more than 100,000 customers through our financial support schemes and since the last summit in January 2019 we have helped 13,000 people out of debt with their water charges but like others we want to do more. This includes having the right support for those under-25, building up debt now and worrying about money in their first few years of adult life.”
Iona Bain, an independent financial writer, speaker, broadcaster and founder of the award-winning Young Money Blog also attended the event to emphasise how organisations could better target and engage young people on money management. She said: “Today, young people are thinking much more about their relationship with money. I have seen an explosion of financial apps, websites and books aimed at my generation since I started my blog 8 years ago. But as well as creating confusion, these resources do not always have younger people’s interests at heart, nor do they really solve the huge problem of financial inclusion.
“Responsible educators need to find a way to cut through the noise and offer balanced, independent and trustworthy advice so we can help those facing a financial crossroads. It’s by no means a given that young people who are starting work or higher education have to sink into intractable debt or start missing crucial bills.”
Louise added: “This is the third Affordability event we have organised. From our point of view, if customers, whatever age, are struggling with water bills, they are likely to be struggling to pay most of their household bills. It can be difficult for a single organisation to make a widespread difference and we believe that a collaborative regional partnership can go way beyond what any one organisation could do alone. We can learn from each other and look for other opportunities.”
Information on all the financial assistance which United Utilities can provide with water bills can be found here.
If you provide debt advice to people struggling with their household bills, please register for the Hardship Hub. The Hub contains information on more than 500 support schemes provided by 300 organisations.