Over the summer, Computershare was delighted to welcome 1,700 colleagues to our new Loan Services business following our appointment by the UK government to service the mortgage book of UK Asset Resolution (UKAR).
The change saw the volume of assets that Computershare manages increase significantly, meaning that as well as being acknowledged as the UK’s leading third-party mortgage servicer by international ratings agency Standard and Poor, we’re also by far the largest.
As part of the broad range of support services we provide to our clients and their customers, we do everything we can to help customers avoid and recover from financial difficulty and, after over 25 years in business, we can predict accurately which accounts are likely to fall into arrears. As mortgage administrators we’re often one of the first places that people experiencing issues turn to about their money problems and, now that we manage more mortgages, we are able to offer advice and support to a greater proportion of those with financial issues.
But the reality is that if we are really going to start addressing the financial difficulty which defines far too many lives, work must start way in advance of a customer’s first missed payment or even the early signs that they might start to struggle. An awareness of money – of the dangers that can come when it is managed badly and the benefits that saving and spending well can deliver – needs to be fostered when we are children. As well as providing a rounded academic education, it’s also vital we give young people a chance to develop skills that will empower them to live without the dark cloud of insurmountable debt.
That’s why earlier this year Computershare donated £20,000 to The Money Charity to fund money management workshops for young people. The donation will help the UK’s only dedicated financial capability charity deliver 100 hours of workshops to around 2,500 young people.
Helping to teach money management to children at a young age means they are far more likely to find financial stability and success later in life, and we’re delighted to be working with the charity to improve financial wellbeing in schools and colleges across Yorkshire, where over 1,600 of our colleagues are based. Computershare is fully committed to playing a leading role in the creation of a Northern Powerhouse, not only through financial success and growth, but also through supporting communities, sharing knowledge and investing in the future of Yorkshire and beyond.
The sessions are being delivered by expert presenters and provide “the building blocks to sound money management”, including a range of activities, the chance to debate and discuss, and relevant material for participants to take away.
I hope our work with The Money Charity goes some way to helping deter financial difficulties when our pupils and students are older, but if we’re to make nationwide, substantial and lasting improvements in attitudes towards personal finance and borrowing, then our industry, charities, government and the wider public sector needs to come together and ensure that every young person is given access to information on the pitfalls of excessive debt and the benefits of managing money well.
Andrew Jones, Chief Executive Officer at Computershare Loan Services