The comments follow the release of Q2 statistics by the Insolvency Service earlier today. These statistics show that there were 24,553 individual insolvencies in England and Wales in the first quarter of 2008 on a seasonally adjusted basis. This was a slight decrease of 2% on the previous quarter.
Phil Hall, Head of Public Affairs at the ifs School of Finance, said: “Levels of consumer debt have been at dizzying heights for several years, causing many to face insolvency. Once again it looks as if there will be over 100,000 insolvencies in 2008 if current trends continue. In fact, falling levels of employment together with rising mortgage, food and energy prices mean that these numbers could grow considerably in the months ahead. By equipping the public with the skills, knowledge and confidence to manage their finances effectively, the number of insolvencies would inevitably be reduced.”
The ifs School of Finance is currently the only provider of GCSE, AS and A level equivalent qualifications in personal finance. Their Foundation & Intermediate Certificates in Personal Finance, Certificate in Financial Studies and Diploma in Financial Studies are being taken by over 10,000 students this year alone.
