A meeting concentrating on the impact of the credit crunch for consumers has been held at the Liberal Democrats’ party conference in Bournemouth.
It was jointly organised by the Association of British Credit Unions (Abcul), financial services firm Cattles and charity Credit Action.
The gathering addressed several issues including that of debt management in the UK.
President of the political party Simon Hughes said: “The tighter national and personal finances become, the more important are credit unions and those organisations which relieve financial pressures without making profit or adding stress.”
Chris Tapp, a spokesman for Credit Action, highlighted the effect of the economic slowdown on banks and businesses, but said it has been “far more painful” for consumers.
He called for more financial education “so that we’re not in the same mess ten years from now”.
Fellow charity the ifs School of Finance recently urged the government to create a unique qualification for personal money matters, rather than attempting to teach it through a functional maths GCSE.
By Jamie Price