Resolution Foundation highlights debt concerns

And the ongoing efforts by the organisation to stress the need for such a service have been backed up today by a work and pensions select committee report presented to the government.

In its latest report, the committee suggests the government will need to create a national financial advice service or face the possibility of failure regarding its reforms of the pension system, further evidence, the Resolution Foundation claims, that its position is well founded.

Patrick South, director of external affairs at the Resolution Foundation, said: “This is the third consecutive select committee report to stress the need for generic financial advice to support personal accounts.

“This is one of the issues being looked at by the Thoresen Review and should also be an early priority for the new Personal Accounts Board when it is set up.”

Meanwhile, the government recently revealed that council tax demands around the UK are set to increase, which is likely to intensify the financial pressure on those facing debt management difficulties.