The Money Advice Trust, the charity that runs National Debtline and
Business Debtline, has teamed up with global information services
company Experian to better understand its clients and more effectively
tailor its free debt advice services for those in financial difficulty.
National Debtline gave free advice to 287,919 people in 2014, with its sister service Business Debtline providing advice sessions to 42,352 small business owners.
Experian analysed National Debtline and Business Debtline clients from 2014 using its widely-used Mosaic consumer insight tool to provide a demographic breakdown of people and small business owners seeking free advice. The analysis found that 50 percent of National Debtline clients fall in four key Mosaic groups – Family Basics, Transient Renters, Aspiring Homemakers and Municipal Challenge.
Used in conjunction with the Money Advice Trust’s own insight, the project has helped inform the charity’s three-year plan to help “more people, more effectively” by tailoring its services to reach and support those in need of free debt advice.
With Money Advice Service research showing that only 17 percent of people who are overindebted actually seek advice, this Experian insight is also helping shape crucial efforts to raise awareness of National Debtline and Business Debltine amongst key demographic groups. Experian analysis of debt advice demand on a local authority level has also been used as part of the Money Advice Trust’s ongoing policy and public awareness work on issues such as council tax arrears.
Joanna Elson OBE, Chief Executive of the Money Advice Trust, said:
“After nearly 25 years of helping people to tackle their debts and manage money wisely, we have accumulated a wealth of knowledge that our advisers put into practice to help thousands of people every day.
“However, the debt advice landscape is in constant flux and we are always further developing our knowledge of how we can best serve those in financial difficulty. In particular, as our recent Changing Household Budgets research showed, we are increasingly helping people who have fallen behind with everyday household bills and who are struggling to repay smaller debts. This and other consequences of the recession mean the demographics of those in difficulty are changing significantly.
“We are grateful for Experian’s support in helping to better understand these changes, enabling us to continue to develop and improve our services – and continue to raise awareness of National Debtline and Business Debtline across the UK.”
Chris Clark, Managing Director, Experian UK & Ireland commented:
“We’re delighted to continue our support for Money Advice Trust and the people who rely on its vital services. It is absolutely critical we make sure there’s a robust safety net for anyone who falls into financial difficulties, often due to an unplanned life event such as redundancy or relationship breakdown, so they can quickly and easily get a helping hand.
"Experian is a long-time supporter of free debt advice, providing funding and a wide range of free support, including free credit reports and regular expert training for debt advisors. We undertook this latest piece of analysis to help the Trust better understand and therefore serve people who use its popular National Debtline and Business Debtline services, and we’re delighted that the insight is proving so valuable.”
(Source - Money Advice Trust Press Release)