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Presentation for fin cap forums2
- 1. Stephen Dobson Financial & Digital Inclusion Champion
- 2. Financial Inclusion through Digital Inclusion Creating a Financial Support Information Website and Financial Capability Hub
- 3. Information Site/Financial Capability Hub Money Consumer Advice Credit Money Credit Unions Service Counselling Saving Expert Service Citizens Loan National Advice Comparison U Switch Debt Line Bureau Sites Stop Loan Wales Illegal Debt Advice Sharks Which? Money Charities Facebook Lending Unit Page
- 4. Financial Debt Capability Savings Loans Advice Managing on a Get into the habit Where is the best Struggling with Budget, Financial of saving for a place for a small, debt, where is the Health Check, rainy day or short term loan best place to go Getting the Best building up a nest that won’t get you for free, impartial Deal. egg for that into debt? advice? special event.
- 5. Financial Capability A range of useful information and tools including a budget planner, credit card planner, cut-back calculator, loan calculator, savings calculator and health check. Free advice and support on a range of issues including benefits, debt & money, consumer problems and tax. Search facility to find your local Citizens Advice Bureau. Free and impartial service to compare and switch home energy suppliers online, financial comparisons and recommendations, and a ‘best rate savings’ comparison tool.
- 6. Savings & Loans Information on Credit Unions and the services they offer with links to further Credit Union pages on the site showing loan comparisons and location of Credit Unions covering all areas of Wales. Links to loan comparison sites for those who wish to see for themselves what the cost of a loan is likely to be through a range of lenders. WIMLU Information on the work of the Wales Illegal Money Lending Unit with links to case studies, campaigns and newsfeeds highlighting successes. Contact details for reporting loan sharks.
- 7. Wonga Loan
- 10. Debt Advice Free anonymous debt advice and a range of support including ‘Debt Remedy’ debt advice tool, debt counselling, debt solutions and links to other useful sites. Self-help packs, factsheets, debt options, personal budget sheet and sample letters to write to creditors. Online debt advice and money management service on ‘my money steps’, with video explaining how to use the service. Budget planner, guide to money management, benefit entitlement checker, expenditure minimiser, credit score checker and debt analyser. Debt counselling charity offering support with budgeting, money management and insolvency options for those in severe debt.
- 11. Other Services Best deal credit card, banking, insurance, utility and mortgage comparisons. Tax calculator, information on claims, shopping deals and discount vouchers. Comparison site for utilities, telephone & broadband, mobiles, credit cards, loans and insurance. Links to social media such as the ‘Stop Loan Sharks’ Facebook page, highlighting case studies, campaigns', blogs, newsfeeds and everything else that is going on in the sector.
- 12. Financial Capability Hub Resources Case Studies Newsfeed Information Q&A Webinars Sharing
- 13. Resources Publications Videos Training Materials
- 14. Case Studies GETTING OUT OF DEBT “As a single parent with three children, I was working full time trying to keep things afloat, but I was gradually getting more and more into debt. I was diagnosed with depression SUSAN’S STORY and the debts were making it worse. Last June I woke up one morning and didn’t want to get out of bed." "Debt is like any other trap, easy enough to get into, "I’d had enough of life. I wanted the light to go out. My life made no sense and I had no but hard enough to get out of...." purpose." "Then a friend told me about XXXXXXX and how they might be able to help me. A few days later, I made the call and spoke to a debt advisor. Everything changed after he came to my house. He released me from so much pressure. He did not judge or make me feel bad because I was in debt. " "My debt advisor didn’t flinch when he saw all my bills, he just said, ‘Don’t worry, we can handle it’. This came at just the right time as I had just lost my job. My debt advisor worked out a budget on my reduced income. It was so reassuring to know that, by sticking to my budget and paying into my XXXXXXX Account, all my bills and debts would be taken care of. " "My life is so different now. It’s so much calmer and less stressful."
- 15. Newsfeed
- 16. Information Sharing Blogs Events
- 17. Information Sharing Training Opportunities Newsletters/Updates
- 18. Q&A FAQ Q. Will people still be able to access Growth Fund loans after Financial Inclusion funding ends on 31 March 2011 A. Funding of up to £73 million has been announced for the modernisation and expansion of third sector organisations and their services. The previous financial inclusion Growth Fund will end on 31 March 2011 as planned. We are replacing this with a new credit union modernisation and expansion fund, which will be used to extend contracts with credit unions and other community finance providers for six months from April 2011 whilst the feasibility of further credit union modernisation and expansion is tested. Questions Forum
- 19. Webinars • Cost effective • Reduce the cost of • Create event • Deliver informal or • Group media and method to physical events experiences online formal training online presentations disseminate together to drive information • Increase geographical • Remove costs of • Increase the ROI of greater viewings coverage physical events training and help to • Extend the life and reduce cost • Make access simpler reach of content with • Generate increased • Deliver additional with single sign on on-demand versions attendance at event content to online • Ensure compliance with online audience attendees and minimise risk • Enhance website • Deliver live, replay functionality with or on-demand • Deliver additional • Allow audience to • Track attendance and embedded video events content to online participate live or interaction of channels attendees’ on-demand audiences • Demonstrate ‘Best • Reduce cost on Practice’ • Integrate content into website updates and corporate learning media management management systems
- 20. Other aspects of the Project include: • Promoting Financial Inclusion through Digital Inclusion Projects/Initiatives • Supporting the Development of a Credit Union Website Template
- 21. Any Questions?
Editor's Notes
- Today I’d like to talk to you all about the succinctly named ‘Tackling Financial Inclusion through Digital Inclusion’ Project, and more specifically about creating a Financial Support Information Website and Financial Capability Hub.Please bear in mind during my presentation that the ideas presented are the initial ideas of myself and the Project Advisory Group that I have set up, and that we will be looking for input and ideas from yourselves as to what you think will work, what would be useful and what you and other stakeholders would use.
- The Information Site/Financial Capability Hub, which it has been determined should be one website, will contain links to a plethora of useful financial information and tools covering such areas as Financial Capability, Savings & Loans, Debt Advice and other services, as well as links to individual credit union websites in Wales.
- The Information side of the website would contain facts and figures on budgeting, savings, loans and debt advice with links to appropriate external websites that provide further advice, guidance, tools and support. There would also be links to other sites offering services which would support Financial Inclusion.My aim is to make the website as visually appealing as possible as well as providing information and a valuable resource. So the homepage might look something like this but with some basic information added.
- Currently on the Financial Capability pages it is planned to provide information on and links to the Money Advice Service site and Citizens Advice Bureau’s Adviceguide. Other links, such as a link to Which for instance, will be determined based on input from stakeholders and a list of criteria which will decide suitability.
- Within the Savings & Loans pages there would be information on Credit Unions and the services they provide, with links to further Credit Union pages.It is also possible that we would have links to ‘loan comparison sites’, such as those shown on the slide, to allow users to see for themselves what the cost of a loan with various companies is likely to be.Another useful link may be that of the Wales Illegal Money lending unit and information around the work they are doing, successes they have had and how to get in contact to report ‘loan sharks’.
- The information side would also contain a Loans Comparison page which would compare loans taken out through various avenues including Doorstep Lenders, Payday Lenders (e.g. Wonga), MoneylineCymru and Credit Unions and the corresponding costs. It is anticipated that this would be done in an interesting way, for example by utilising a multi slider or some other interactive tool. This would clearly demonstrate how competitive small loans via a Credit Union are.
- On the Credit Union pages we would provide more in-depth information on Credit Unions and the services they offer, location and areas covered and links to their individual websites. Where Credit Unions do not currently have web sites we would provide an address and contact number.Links to Credit Unions could be done in a variety of ways including hyperlinks via their logos, a postcode finder or…..
- …a map with associated links as illustrated above.
- Within the ‘Debt Advice’ pages of the site we would at the very least be providing information on the Consumer Credit Counselling Service and National Debtline, with links to the CCCS and mymoneysteps sites.Other potential links could be Debt Advice charities such as those shown on the slide.
- There would also be the potential to link to other useful sites, as suggested by stakeholders, such as those shown on this slide.There will also likely be pages for Case Studies highlighting the dangers of using loan sharks etc.
- The Financial Capability Hub will be a protected area of the website available to members via a secure login. It is anticipated that this will be a very powerful resource that will encourage and support collaborative working. There will be pages for resources, case studies, newsfeed, information sharing, Q&A and webinars.
- On the resources pages members will be able to share publications and training materials and there will be links to useful videos such as the My Home – Making Every Penny Count video.It has also be mooted that we have a link to resources for young people as supported by the Welsh Government through the National Grid for Learning.
- There will also be pages dedicated to Case Studies from all areas of Financial Capability and support, allowing organisations to showcase the work they are undertaking, good news stories, ‘best practice’ etc.Examples might include:Someone who has got out of debtSomeone who has improved their Financial LiteracyStakeholders current projectsNew services from a local Credit UnionSomeone who has been targeted by a loan shark
- Newsfeed pages will be automatically updated giving up to date information on everything news worthy in the financial inclusion sector.
- Information sharing pages will offer members the opportunity to share via blogs and to upload events. The events page in particular could be a very useful resource allowing partners to share events without having to email a large number of recipients.
- There could also be pages allowing the promotion of training opportunities and the uploading of newsletters etc., again alleviating the need for sending this information to everyone's already overloaded inboxes.
- The question & answer pages would potentially contain a frequently asked questions section populated with useful questions and answers, but also a questions forum allowing for the submission of a question which could be answered by other forum members who have knowledge of that subject.
- The webinars section would provide a very powerful tool for the live feed and/or recording of events, conferences and forum meetings. Presentationscould also be uploaded for the purpose of providing information and as a training resource.
- Once the website is up and running my focus will be on marketing and promoting it to Digital Inclusion projects with the aim of getting them to embed Financial Inclusion in the work they are doing.I am also working with Mac McCarthy to support the work he is doing in developing a Credit Union Website Template which will allow for better looking Credit Union Websites and increased functionality as and when Credit Unions decide to introduce new online services.