Here at Quick Loans, we’d like to know why the “not fit for purpose” Money Advice Service is still doling out laughable ‘advice’ despite being scrapped earlier this year. Wasting yet more time it seems, now on pointless polls that tell us millions of Britons have little or no spare cash or savings.
Wow, how much money did the MAS waste on deducing the blaringly obvious, hopefully not as much as the £100 million thrown at developing and promoting its website or the £209 million on its lacking ‘advice’ over four years!!?
Maybe the “excessive pay” to its senior staff, slammed by MPs, has elevated their sense of reality to new heights in their ivory tower, such that Nick Hill, money expert at the MAS clearly believes his own patronising sermon saying “developing a savings habit is very achievable”.
Ok Mr Hill, do you think the staggering 17 million people of working age across Britain who your own poll found have less than £100 in savings will heed your pathetic advice? You may also want to avoid visiting Northern Ireland, Wales, the West Midlands, the North East of England and Yorkshire in particular – where more than half of people have less than £100 in savings.
Maybe Mr Hill took advice from Carlton Hood of Old Mutual Wealth, who earlier this year declared “we need to get into the habit of spending what we have left after we have saved, not simply saving anything that is left over after spending”.
Maybe they are both oblivious to the fact that more than one in three families in the UK have incomes below the Minimum Income Standard or the six in 10 households struggling to make ends meet who have someone in work, despite record employment.
But fear not reader, this worryingly low level of savings is not set too last. There is light at the end of the tunnel for your financial wellbeing courtesy of another Government “Help” scheme. Set to launch next year, Former Prime Minister David Cameron claimed that Help to Save accounts will encourage those on low incomes to save and give hard-working people extra support to fulfil their potential and to transform life chances across the country. Or maybe not.
Call us cynical, but the fact that just 185,000 people have benefited from the Help to Buy scheme, we seriously doubt that the 17 million people who have little in way of savings will agree with Chancellor Philip Hammond, who astonishingly believes that the Help to Buy initiative was “introduced with a specific purpose that has now been successfully achieved”. And, in yet another major policy U-turn since Mr Cameron left, the scheme has been dumped by Theresa May's Government.
Time and again, Government after Government, are failing to provide any credible support. Here’s a thought; provide jobs that pay a salary that does away with wage poverty instead of daft schemes to get people to do things they are unable to do, just crazy!! Or better still, create an economy that works for all, not just the privileged few.