UK Household Debt (Picture: The Daily Telegraph)
The National Institute of Economic and Social Research have released new findings today which claim economic growth and recovery is being delayed by as much as five years thanks to “zombie households”.
According to the Financial Times, “zombie households” are:
“low-income groups who cannot save enough to ever repay their debts and begin spending again”.
At present this includes a large percentage of the population, including many ex-military personnel and service families.
NIESR have said that rising interest rates combined with growing debt are slowing our line out of the recession by trapping lower-income groups into positions where they cannot afford to pay back their debts to creditors and begin spending again.
For army heroes, the transition from the military to civilian life can be difficult enough. Finding a path through the current economic downturn while dealing with the problems faced by ex-service personnel is a situation many cannot comprehend. There is plenty of help available for those living in debt or below the poverty line, but support for soldiers can be in short supply.
We think that no matter what label is being placed on low-income households, their problems require a higher level of understanding and support. Ex-forces personnel are often forgotten in schemes to ease the effects of debt and repayment, and their specific training, employment and healthcare needs require a tailored level of support. “Zombie households” might be an easy to understand, all-encompassing term, but within that group of people there are sub-categories; working mothers, graduates, military heroes and families, and each category needs specific help.
If you’re an army leaver past or present or are about to leave the Forces and would like some advice and support about debt, training, employment, or housing, please get in touch. We understand the specific problems faced by ex-military personnel, and we will do everything we can to help you.
www.hireaherouk.org/contact
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