Tackling vulnerability to debt. Affordable lending alternatives and financial education: an evidence review

Mosedale, Sarah ORCID: 0000-0001-9069-8665, Simpson, Glenn ORCID: 0000-0001-5058-6570, Popay, Jennie, McGill, Rory, Cooper, Paula, Taylor, Catherine, Fisher, Kate and Sant, Helen (2018) Tackling vulnerability to debt. Affordable lending alternatives and financial education: an evidence review. JOURNAL OF POVERTY AND SOCIAL JUSTICE, 26 (3). pp. 315-333.

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Official URL: http://dx.doi.org/10.1332/175982718x15299593316586

Abstract

<jats:p>The pathways to vulnerability to debt and what works to reduce such vulnerability are poorly understood. To address this knowledge gap, we conducted an evidence review. Many low-income borrowers have little alternative but to resort to high interest lending. Developing ‘affordable’ lending alternatives has been a challenge. Policy-makers have advocated person-centred approaches (for example, financial education) despite little evidence supporting the efficacy of such behavioural measures. Arguably this has shifted the burden of social responsibility and risk for managing problem debt primarily onto borrowers. While better regulation of the credit industry is needed, ultimately policymakers need to look beyond market-based solutions.</jats:p>

Item Type:	Article
Uncontrolled Keywords:	problem debt, affordable lending, financial education, payday loans
Depositing User:	Symplectic Admin
Date Deposited:	08 Feb 2019 08:42
Last Modified:	19 Jan 2023 01:15
DOI:	10.1332/175982718X15299593316586
Related URLs:	Author Publisher
URI:	https://livrepository.liverpool.ac.uk/id/eprint/3026988