Embracing new payment technologies isn't just an issue for retailers
Since the 2008 credit crunch, it’s been generally accepted that financial services have a duty to educate their customers. Recently, however, I’ve been wondering why more companies and councils aren’t acting to inform their clients and stakeholders of the wider consequences of debt and late or withheld payments – and whether they have policies in place to encourage positive payment attitudes.
Most councils and companies understand the issues surrounding debt in their respective boroughs or trading radius. It informs the ways in which they deploy resources and decide when and how to collect debt. However, how many really understand the individual circumstances in each case?
It’s been more than two years since financial education was embedded into the school curriculum here in the UK. While I believe we've seen some progress, we must still push further to ensure young people make informed choices with full knowledge of the potential consequences – positive and negative.