Getting Help with Debt Problems ‘Boosts Wellbeing and Workplace Productivity’

January 18, 2018

The provision of debt advice has knock on effects for consumers throughout the UK in terms of their overall wellbeing and their productivity in the workplace.

According to a new research report looking into the subject, the health benefits of debt advice and the associated support are worth in the region of £145 million to the British economy.

Meanwhile, the delivery of debt advice is estimated to add roughly £137 million worth of extra productivity to the outputs of employees across the country.

The research was undertaken by an organisation called Europe Economics on behalf of the government-backed Money Advice Service, which aims to support people struggling with problem debt throughout the UK.

“This report clearly provides more evidence of what those of us working in the sector have known for a long time – investing in debt advice pays,” said Shelia Wheeler, director of debt advice at the Money Advice Service.

“Not only does debt advice contribute to health benefits – and in particular mental health benefits – for those receiving it, but it benefits employers through increased productivity.”

On the subject of the mental health benefits of receiving debt advice, the Money Advice Service’s report makes clear that there is a direct link for many people between getting support in dealing with problem debt and feeling better from a mental health perspective.

Debt advice is regarded by the authors of the report as having an “identifiable effect on psychiatric disorders such as anxiety and major depressive episodes”.

The report also points out that the provision of professional debt advice is good for creditors who stand a better chance of recovering money from people with problems debts if those people are given expert guidance in dealing with their issues.

Another finding outlined in the report is that people who seek out debt advice are generally more likely to be in work than those with problem debts who don’t.

If you live anywhere in Scotland and you are struggling with problem debts then Scotland Debt Solutions can help. You can contact any of our offices directly to arrange a FREE and confidential consultation.

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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