Workers to take time off for debt management

Over a quarter of a million workers from across the UK are set to take part in a scheme to help employees with their finances while at work.

The My Budget Day idea will take place tomorrow (November 21st) on the back of research by insurance company AXA, which found that workers would benefit from an hour each day at work dedicated to sorting out debt problems.

In collaboration with the Confederation of British Industry (CBI), the plan aims to give workers time to dedicate to debt management, as well as offer professional advice for any debt problems they have.

CBI director general Richard Lambert said: "There are a lot of companies out there that are considering how they might offer generic financial advice to their employees and there are parallels with what companies are doing to raise general education levels as well as the fitness of their employees. It all improves morale."

Despite debt problems, Britons will spend an estimated £53 billion over the Christmas period, according to payments association Apacs.