Savings Bid To Change Debt Culture

New regulations could encourage people struggling with debts to save as part of their financial rehabilitation'', business minister Fergus Ewing has said.

The regulations, which have just been laid in Holyrood, would form an important next step towards the vision of a financial health service for Scotland'', according to Mr Ewing.

Due to come into place from April, the measures will allow those with debts to retain a limited allowance from their regular income to put towards any emergencies that may arise.

Ministers hope this will encourage people to continue saving when they are in a better financial position.

Mr Ewing said: Scotland is showing the way forward by seeking to promote financial and lifestyle rehabilitation for people with problem debts, allowing them to meet their obligations in a dignified manner and break the cycle of debt once and for all.

The Scotland's Financial Health Service web portal has already offered guidance to thousands of people with money worries and these regulations build upon the foundation created by the service.

Taken as a whole, these measures have been welcomed by the money advice community as well as by other financial commentators as offering a glimpse of financial civilisation for everyone in Scotland.''