26 Jan 2017 | Posted In Money advice news

The Money Advice Service has published a summary of new findings from its Debt Advice Evaluation annual report (which will be published in full in March 2017) which show that free debt advice gives those in problem debt the helping hand they need to tackle their financial situation, pay off their debts and build money management skills for the future.

Credit: Money Advice Service

Key findings include:

  • 65% of those with debts are either repaying them or have repaid in full within three to six months of receiving regulated advice
  • 89% check their income and expenses regularly, 85% are more likely to open their post, 86% had a plan to pay their bills in priority order, and 84% keep to a spending plan, after receiving advice
  • 73% of people feel less stressed about dealing with their finances, 62% are sleeping better, 63% feel their mental health has improved, 55% report better physical health, and 69% said that relationships improved after advice
  • 71% also said that they are now performing better at work as a result of taking advice.

Read more here.