New scheme aims to help Brits deal with debt

A new scheme has been launched that will aim to encourage employees across the UK to address their financial problems and deal with their debt management issues.

The initiative, dubbed My Budget Day, is being championed by the insurance firm Axa and it is hoped that businesses across Britain will allow their staff to spend an hour on November 21st getting to grips with their money-related matters.

According to Axa, UK consumers often neglect their finances in their everyday lives and would benefit from the opportunity to tackle these issues during their working day.

“Money is one of the major causes of stress for adults and as such it is a major cause of employee absenteeism,” said Steve Folkard form Axa.

“Encouraging adults to take greater control of their finances could actually go some way to reducing not only the UK’s levels of personal debt, but also the cost of stress to UK businesses.”

Accountancy firm Grant Thornton revealed recently that the UK’s personal debt management mountain is now worth more than its overall annual gross domestic product.