The Treasury Committee has launched a new inquiry into household finances. The Committee will take a broad look at the state of UK household balance sheets, including whether households are saving adequately in the current economic environment.
It will scrutinise problematic indebtedness, inter-generational issues, lifetime financial planning, and the effectiveness of the market in financing solutions and products to low-income households. The first evidence session of this inquiry will be on Tuesday 14 November with Ashwin Kumar (Chief Economist, Rowntree Foundation), Michael Thomas (Research Fellow, Centre for Policy Studies), and a representative from the Resolution Foundation.
Commenting on the launch of the inquiry, Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, said: “The UK’s household saving rate has fallen in the last year. 15 percent of adults are over-indebted. And there is £200 billion worth of consumer credit in the UK. It is therefore timely for the Committee to launch an inquiry into household finances.”
“Debt is a huge emotional burden for people. Unstable personal finances often emerge as problems raised by constituents, so we hope to take evidence for this inquiry from around the country. We will examine what policies could support households in achieving appropriate levels of saving, and the sustainability of the UK’s household debt and consumer credit.”