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Transact: Supporting the financial inclusion sector Sian Williams Head of Financial Inclusion

Transact: Supporting the financial inclusion sector Sian Williams Head of Financial Inclusion Toynbee Hall July 2013. Toynbee Hall and Financial Inclusion. One of leading Financial Inclusion organisation in the UK since 2000 (Services Against Financial Exclusion, Transact)

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Transact: Supporting the financial inclusion sector Sian Williams Head of Financial Inclusion

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  1. Transact: Supporting the financial inclusion sector Sian Williams Head of Financial Inclusion Toynbee Hall July 2013

  2. Toynbee Hall and Financial Inclusion • One of leading Financial Inclusion organisation in the UK since 2000 (Services Against Financial Exclusion, Transact) • Combine front line 1-1 and organisational work with policy and practice development • Actively engaged in finding practical solutions e.g. Support Family Mosaic in Southwark in DPDP • Influencing policy e.g. DWP (UC SEWG/CUGEF), HMT, FCA, BIS, OFT etc

  3. Transact: Purpose and activities • Support policy and practice improvement • Provide a voice for the sector • Encourage and support research • Support good practice sharing • Support professionalisation of the sector • Website and other online activity • Newsletters • Events – learning, research, sharing • Consultations

  4. Key challenges for the sector • Gov policy – FI as a means to an end • Welfare reform – UC, bedroom tax, cap • Continued rising living costs • Digital tumbleweed • Knowing what works for whom

  5. Tools MAP: Money, Access and Participation Tool • Needs-led tool to assess individual level of financial health (inclusion, capability, impact) • National programme led to tool’s development • Building web version, national roll-out Jan 2014 • 8 components, flexible mix • Creates baseline and needs assessment • Follow up use allows service impact evaluation • On-line or paper-based • Full training and support provided

  6. Step 1: Systemic or individual barriers?

  7. The financial health environment

  8. Frameworks for effective financial inclusion • Recognise the wider environment • Understand organisation’s role in shaping that environment • Identify the most significant causes of detriment within your localised environment – base on fact, not assumption • Think “system” and “network” (partnership) • Get to know service users • Be a learning organisation – learn from yourself and others: Assess before and after interventions (evaluation)

  9. Tools Financial Inclusion Health Check for Organisations: • Tailored analysis of organisational impact on service users’ financial health • Data gathered through interviews and focus groups with senior and front-line staff and service users • Measures reality gap between policy, practice and impact on service users • Recommends action plan for quick wins and strategic/systemic improvements • Full follow-up offered: strategy – training - support

  10. Opportunities • Increase financial inclusion at the LA level • S-t-r-e-t-c-h each £1 through good use of financial products and powerful purchasing • Broaden horizons and create a new financial culture for people receiving benefits • Shape the environment • Create skilled navigators

  11. Thank you and Questions? Sian Williams Sian.williams@toynbeehall.org.uk 020 7392 2941

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