Performance & Motivation Management (P&MM) hopes to help tackle the trillion-pound consumer debt burden by providing a new financial advice service. Richard Davies, business development director at P&MM, said Lifestyle Financial Health will give employees financial advice and practical help with their money: "[We are] growing [more] indebted as a nation.
Financial problems create stress and people perform poorly under stress," he said. Davies was critical of providers which exploited the easy credit culture and thus put employees further in debt. "Banks are calling themselves employee benefits companies [but are] making their money from financial services," he said. He viewed the launch as timely given that monthly national consumer debt interest has topped £8bn.
The confidential service includes a financial health website, money fitness plan, self help guide and a confidential phone helpline. Davies said customers did not have to be in debt to benefit from the plan. People looking to invest spare cash could also find it useful.