Financial Inclusion

Financial exclusion means people are unable to access mainstream products and services that others rely on to meet their financial needs. Without safety nets like credit, insurance or savings, everyday life events or financial shocks can tip people into problem debt, mean they have to pay more just for being poor, or become excluded from financial services altogether.

The financial services system is not working for everyone 

There are over 17.5m people in financially vulnerable circumstances in the UK, who are unable to turn to safety nets others rely on like credit, savings, and insurance.

We are calling on the next government to develop a national financial inclusion strategy overseen by a taskforce.

Financial inclusion remains a significant challenge for the UK with 12.9 million people currently experiencing low financial resilience according to the latest Financial Lives 2022 survey by the Financial Conduct Authority (FCA). For example:

More than nine million adults across the UK were declined for credit in just 12 months

1 in 4 adults have less than £100 in savings

We are calling for a national financial inclusion strategy

We are calling for the government to introduce a national strategy on financial inclusion. The national financial inclusion strategy should be overseen by a national taskforce housed within and led by the Treasury. A strategy should commit to reducing financial exclusion and lay out a vision of everyone in the UK having access to a suite of accessible and affordable financial products including credit, insurance, savings and banking services.

WE LAUNCH OUR 2024 GENERAL ELECTION MANIFESTO

Date published: 13/06/24

With a general election taking place on the 4th July 2024, now is the time…

We welcome the Labour Party’s plan to create national financial inclusion strategy

Date published: 11/02/24

The Labour Party has published its Financial Services Plan, a blueprint laying out the party’s…

Response to the Treasury Select Committee’s report into the future of financial services regulation

Date published: 16/06/23

Now the government must act, We respond to the Treasury Select Committee’s report into the…