IFAs have power to radically reduce UK debt

The study estimates credit card balances could be cut to £800 from £1900 without advice. This figure applies to low to medium income populations within four years of receiving financial advice and allowing for the fact one in 10 act on the guidance. Overall credit card debt would fall from £2.5bn to £830m. In other areas, IFAs will play an important role in increasing savings, according to the “Financial Advice: Worth the Money?” report compiled by NMG Financial Services. It estimates that under the conditions outlined above, pension contributions would increase by £560m when advice is ...