The creation of a “new generation” of financially hindered people could lead to increased debt problems, an industry expert has suggested.
Teresa Perchard, director of policy at Citizens Advice, warned that the recession had resulted in a group of people unable to cope financially.
She cited rising bill costs and the significant growth of child, pensioner and fuel poverty as the reasons for the problem.
Speaking from the Northern Money Conference 2010 at the Contemporary Urban Centre in Liverpool, she said: “Water debt [and] utility debt have all been going up over the last year and that is creating a new generation of financially excluded people.”
The conference, which is jointly organised by the Research Unit for Financial Inclusion at John Moores University and the Association of British Credit Unions Limited, has held residency in the Merseyside city each year since 2006 and has expanded to become the biggest such financial event in Britain.
By Joe Shervin