The government should be doing more to help both savers and borrowers, particularly those who have been worst affected by the economic downturn and low interest rates.
This is according to the Building Societies Association’s (BSA’s) director general Adrian Coles, who noted that many families are being faced with greater pressure financially as unemployment levels rise.
“We also want to see more effective government assistance for people who are confronting mortgage payment issues,” he said, adding that many borrowers are currently excluded by “support for mortgage interest”.
And recommendations to help savers were also put forward by Mr Cole, who stated that permitting two-way transfers from stocks and shares to cash ISAs would help them manage their money more effectively.
However, the government has made some steps towards helping those in debt. Website Directgov offers advice and support in relation to debt consolidation, as well as ways to create budgets and assistance for those entering bankruptcy.
By Sarah Adie