The coalition which counts for every penny you earn is founded in co-operation between Save our Savers, iMoney Manager and Zero-credit. Recognising that the skills required to create a nest egg for the future and to pay off a debt are one and the same, we are united in our recognition of the need for change to consumer banking - borrowing, lending and saving.
Not once in the Government's Call for Evidence for the Consumer Credit and Personal Insolvency Review do we see a reference to UK savers.That's astonishing when you consider that high cost credit providers may charge interest without limit, whilst lifelong savers get little more than the 0.5% base rate - small wonder there are cries for the return of debtors' prisons and the like.
Yet, divided we fall.
With more than 15 million UK adults struggling with unmanageable debt, unless we find a path to sustainable spending, we all face a dip of Titanic proportions. Charles Bean might want our hard earned dosh to oil the wheels of fiscal stimulus, but until we tackle the behavioural economics of spending and the complete and utter irrationality of financial products and services, which encourage us to defer our debts, then there is no point in our parting with even one penny. And that's where our actions count.
Together, we are conducting research that will make the Government sit up and listen. For a start, we'll be able to compare debtors' and savers' perceptions about what constitutes responsible borrowing and lending and we're exploring the reality of financial literacy too. So, if you share our view that market forces begin and end with consumers, then you really should complete our survey.