Struggling with insolvency

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 28 September 2019

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

For decades, Stoke-on-Trent was powered by industry, with tens of thousands working in mining and pottery. But when the mines and factories closed, generations of people were left out of work. For some, not working became a culture that stuck.

But that's not the only reason why Stoke is the insolvency capital on England and Wales. The average wage in the area is £5,000 less than the national average, plus there are low levels of literacy, numeracy and IT skills. Poverty and poor health have helped reinforce financial exclusion, trapping many in a spiral of debt and deprivation which they can't get out of.

Now the North Staffordshire Financial Inclusion Group is on a five-year mission to eradicate Stoke's debt issues. It plans to work with schools to get personal finance on the curriculum and actively target people who are struggling.

Presenter: Paul Lewis Reporter: Hazel Morgan and Dan Whitworth Producer: Alex Lewis Editor Emma Rippon

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
0:17.5	With music on sounds, we offer collections and mixes for everything, from workouts to
0:22.4	helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put
0:28.3	together by people who know their stuff. So if you want some expertly curated music in your life,
0:35.0	check out BBC Sounds.
0:41.2	BBC Sounds, music, radio, podcasts.
0:44.6	Hello and welcome to Stoke-on-Trent.
0:49.6	This week's Moneybox is live from here as part of the BBC's We Are Stoke-on-Trent project.
0:53.3	We're broadcasting from the city's Into Potteries Shopping Centre.
0:55.4	So if you're into shopping,
0:59.8	or indeed potteries, come and say hi if you're passing by in the next 25 minutes or so, but not too loudly. You can email us, Moneybox at bbc.c.com.com.combeck, or hashtag BBC, we are Stoke-on-Trent,
1:07.9	which is all one word. Now, Stoke-on-Trent stands out in many ways.
1:13.6	It consists of six linked towns in the Midlands at the heart of the area, known as the Potteries,
1:20.1	Wedgwood, Royal D'Ulton, Port Mary, and Emma Bridgewater, just four of more than a dozen
1:24.1	familiar brands, still at least based here. But today, Stoke-on-Trent has another claim to fame that we're going to look at.
1:30.6	In 2017 and 2018, the city had the highest rate of personal insolvency in England and Wales.
1:38.0	And that doesn't just mean going bankrupt.
1:39.6	It includes formal arrangements with your creditors when you just can't pay the bills.
1:45.2	Hazel Morgan's here.
1:51.7	She's been with Radio Stoke for some time as a reporter. Hasele, what do you think, Stoke-on-Trent?
	...

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