Bridging the 'advice gap'
Money Box
BBC
4.2 • 825 Ratings
🗓️ 8 June 2019
⏱️ 25 minutes
🧾️ Download transcript
Summary
Millions of people need financial advice but don't get it according to a damning report out this week. It's called the 'advice gap' and includes people who need advice about investment or pensions but can't afford professional advice and people who need free advice on a variety of money matters but don't know where to get it. We discuss how to make financial advice more accessible to everyone.
Banks have until April next year to implement major changes on overdraft charges. The fees from overdrafts bring in nearly two and a half billion pounds a year and they are mainly paid by a small number of customers who are in debt or vulnerable. The Financial Conduct Authority say it will be the biggest shakeup of overdraft fees in a generation, others aren't so impressed.
Over 9000 students in higher education are estranged from their families, without the safety net of the bank of Mum or Dad if things go wrong. Estrangement charity Stand Alone has found that financial and other pressures mean they're three times more likely to drop out before their course finishes than other students.
The Scottish Government have launched a brand new benefit for low income families. We found out how it works.
Presenter: Paul Lewis Reporter: Dan Whitworth Producer: Alex Lewis Editor: Emma Rippon
Transcript
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| 0:46.4 | Hello, today in Moneybox, the students locked out of the bank of mum and dad. |
| 0:47.8 | How do they cope financially? |
| 0:55.3 | Scotland takes its own road in social security with new benefits to help low-income families with the cost of school and Mind the gap. Millions caught in the advice gap, but we start with revolutionary changes in the way banks |
| 1:07.6 | are allowed to charge customers who go overdrawn. These fees bring in nearly two and a half billion pounds a year |
| 1:14.3 | and they're mainly paid by a small number of customers, |
| 1:17.6 | many of whom have other debts or are vulnerable in some other way. |
| 1:21.2 | Announcing the plans on Friday, the Financial Conduct Authority said |
| 1:24.3 | it'll be the biggest overhaul to the overdraft market for a generation. |
| 1:28.5 | On Moneyboxes, Dan, Whitworth is here. |
| 1:30.5 | Dan, how radical is it? |
| 1:32.0 | Well, the first thing to go, Paul, is the distinction between what the banks call an arranged |
| 1:36.0 | overdraft and an unarranged one. |
| 1:38.3 | Now, at the moment, most banks charge much more when you go overdrawn without agreeing |
| 1:42.8 | in advance. |
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