Debt and Pensions Advice

Part of the debate – in the House of Lords at 3:04 pm on 15 October 2007.

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Photo of Lord McKenzie of Luton Lord McKenzie of Luton Parliamentary Under-Secretary, Department for Work and Pensions, Parliamentary Under-Secretary (Department for Work and Pensions) (also in the Department for Communities and Local Government) 3:04, 15 October 2007

My Lords, I acknowledge the fantastic work done by Citizens Advice. In relation to debt, it dealt with some 1.4 million inquiries last year alone. A range of people are engaged in providing financial and debt advice. We need to see this in the context of the Government's financial capability strategy. Specifically on debt we have the BERR face-to-face advice, the National Debtline, CLS Direct run by the Legal Services Commission, and some 2,750 agencies across the country, ranging from housing associations to Citizens Advice, which advise on these matters. In relation to savings, there has been a substantial increase—72 per cent in real terms since 1997—in household assets.