Advice creates savings of £6,000

The project ‘Axa Avenue’ involved 20 households, with half receiving financial advice for a year and the other half being left to their own devices. Axa says the results show the 10 households which received financial advice are collectively £50,000 better off, with massive savings increases and encouraging levels of debt reduction. The average debt reduction per person was £2,712.50, while the average savings increase per person was £3,322. Meanwhile, the households left to their own devices got collectively poorer, frittering away a quarter of their savings and seeing a 3% reduction...