In this episode, Debt Talk explores one of the most important subjects during the cost of living crisis: ‘Eat, heat or pay your rent’.
Already communities are stretched in the finances are skipping meals to pay their rent or fuel. The question really is: is it sustainable? Explore this topic with Ripon Ray, a debt expert who speaks with three experts who bring experience from local communities, research and debt advice.
During the cost of living crisis, financial struggles have now become epidemic in the low income communities regardless of whether if are a worker, self-employed, pensioner and with disability.
Barry Duckett, a struggling pensioner explained how he was barely surviving win state pension during the pandemic is now forced to make decisions to turn off his lights due to the fear of the cost of fuel. He is hearing universal credit claimants in his council estates tenants are choosing to feed themselves instead of paying rent and fuel bills.
Joe Richardson, Research Manager of Living Wage Foundation, who carried out extensive research during the pandemic and the beginning of the cost of living argues that employers do need to do more to support workers with the living wage to make sure their workforce is fit to do the job they are hired to do. Otherwise, productivity is going to be lacking.
Jane Clack, Chair of Institute of Money Advisors and accredited debt adviser, succinctly explained that most debt advisers are just putting a tape over wound because deficit budget among debt clients are normal in debt advice sector. More needs to be done look at the current system as it is.
It is generally accepted by all three panelists that the current political climate is not offering anything substantial to support low income families to ease the financial struggles.
In our next episode on Debt Talk, Ripon Ray is going to speak about minority communities & financial struggles.
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