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Financial Inclusion: Can you afford not to ?

Financial Inclusion: Can you afford not to ?. DWP Financial Inclusion Champions Scotland 18 November 2009. DWP Financial Inclusion Champions UK Government’s Financial Inclusion Fund Work strategically with Local Authorities, Community Planning Partnerships and key stakeholders

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Financial Inclusion: Can you afford not to ?

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  1. Financial Inclusion:Can you afford not to ? DWP Financial Inclusion Champions Scotland 18 November 2009

  2. DWP Financial Inclusion Champions • UK Government’s Financial Inclusion Fund • Work strategically with Local Authorities, Community Planning Partnerships and key stakeholders • Improve availability and access to: • Affordable credit • Safe savings • Bank accounts • Home contents insurance • Free face-to-face money advice

  3. Financial Exclusion – An issue for us all • £182M paid in interest in the UK each day • £58,340 is the average household debt in the UK • A property is repossessed every 11.5 minutes • 1 person every 3.97 minutes is declared bankrupt / insolvent • 2,553 people are made redundant each day • 25,250 applications for consumer credit are rejected each day Credit Action, November 2009

  4. “It is easier for a large bank to expand and then destroy its balance sheet than for an individual to open a bank account….” Mervyn King, Governor, Bank of England Finance – a return from risk 17-03-09

  5. Not Totally Excluded!!

  6. The Effects of Financial Exclusion • Relationship breakdown • Absenteeism from school • Stress, anxiety, depression • Poor physical health • Anti-social behaviour • Homelessness • Poverty premium

  7. Supporting FI is Good for Business • Improved cash flow • Allows people to sustain their tenancies • Reduction in rent arrears and debt • Reduction in costs of collecting rent etc • Reduction in number of abandonments & voids • Sustains employment • Reduction in demand for money / debt advice • Contributes to economic regeneration

  8. Developing a Financial Inclusion Strategy

  9. Single Outcome Agreements • We have tackled the significant inequalities in Scottish society • We realise our full economic potential with more and better employment opportunities for our people; • Our young people are successful learners, confident individuals, effective contributors and responsible citizens; • Our children have the best start in life and are ready to succeed; • We live longer, healthier lives; • We live our lives safe from crime, disorder and danger; • We live in well-designed, sustainable places where we are able to access the amenities and services we need;

  10. Financial Capability / Learning • South Lanarkshire - Capability work with criminal justice - pre-released prisoners and community disposals • Making Money Work, Dundee – Employability project working with longer term unemployed • West Lothian Credit Union Forum in partnership with WL Adult Basic Education DOSH – Debt Or Savings Handling

  11. Financial Services • First Alliance • East Coast Growth Fund Project • SLAB funded projects • Pre-tenancy Service, Hillcrest HA & Dundee Partnership • MacMillan Cancer Support • Grand Central Savings • CABs and Money Advice and Debt Advice services

  12. Financial Products • Affordable credit including Growth Fund • Saving Gateway • Home Contents Insurance • Child Trust Fund

  13. Sharing Good Practice • Financial Inclusion Practitioners Network • Scottish Financial Inclusion Forum • Wider Role Forums • Scottish Government Learning Network • FSA

  14. Contact… If you have any queries about the information contained within this presentation, or you would like to discuss any aspect of the Financial Inclusion Champions Initiative, please get in touch. anne.feeney@inverclyde.gov.uk Lynn.cunningham@dundeecity.gov.uk AlisonMacCorquodale@cne-siar.gov.uk aidan@fichampionsscotland.org 

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