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 with their finances; they are skipping their meals to pay their rent or pay for fuel. Financial struggle has now become epidemic in low-income communities regardless of whether you are a worker, self-employed, pensioner or affected by disability. The question really is: how sustainable is it?
Ripon Ray, the debt expert, speaks to three panelists who bring experience from their local community, research, and the debt advice sector.
Barry Duckett, a struggling pensioner explains how he was barely surviving in a state pension during the pandemic and is now forced to make decisions to turn off his heating due to the high cost of fuel and bailiff knocking on his door whilst winter is not yet here. In his council estate, universal credit claimants are choosing to feed themselves instead of paying their rent.
Joe Richardson, research manager of the Living Wage Foundation, who carried out extensive research during the pandemic and the beginning of the cost of living crisis, argues that employers need to do more to support workers with a living wage to make sure their workforce is well nourished to do the work and to live a meaningful life during such a difficult time; otherwise, their productivity and mental health are to suffer.
Jane Clack, Chair of the Institute of Money Advisers and accredited debt adviser, emphasises that most debt advisers are just putting a plaster over their client’s wounds because deficit budgets among debt clients are a norm and they are consistently coming to seek advice with rent, council tax and fuel debts instead of the usual consumer credit debts.
In our next episode on Debt Talk, Ripon Ray is going to speak about: ‘Minority communities & financial struggles.’
