Financial Inclusion Strategy for Wales “Taking Everyone into Account”   Bill Hudson Financial Inclusion Unit  Welsh Assemb...
Financial Inclusion Strategy <ul><li>Launched in July 2009 </li></ul><ul><li>Emphasis on collaborative working </li></ul><...
5 Core Strategic Themes <ul><li>Access to mainstream financial services   -  8% of the adult population in Wales do not ha...
Financial Inclusion – Links to Housing <ul><li>70% of financially excluded live in social housing  </li></ul><ul><li>81% h...
Key Strategic Role for Housing <ul><li>Recognition of importance of Financial Inclusion to tenants – Financial Inclusion S...
Significant Contributions to Financial Inclusion Agenda <ul><li>Establishment of Welsh Financial Inclusion Champions Team ...
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Financial Inclusion Strategy for Wales - Taking Everyone into Account

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Bill Hudson, Welsh Assembly Government Financial Inclusion Unit.

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Financial Inclusion Strategy for Wales - Taking Everyone into Account

  1. 1. Financial Inclusion Strategy for Wales “Taking Everyone into Account” Bill Hudson Financial Inclusion Unit Welsh Assembly Government
  2. 2. Financial Inclusion Strategy <ul><li>Launched in July 2009 </li></ul><ul><li>Emphasis on collaborative working </li></ul><ul><li>Joint-agency approach to financial inclusion </li></ul><ul><li>Backed by a detailed action plan </li></ul>
  3. 3. 5 Core Strategic Themes <ul><li>Access to mainstream financial services - 8% of the adult population in Wales do not have a bank or building society account </li></ul><ul><li>Access to affordable credit and savings - Excluded pay on average £129 per month in interest alone. Poverty premium in excess of £1,000 per annum </li></ul><ul><li>Accessible financial and debt advice - 111,000 + people contacted Welsh CABx in 2008-2009 over debt problems – 37% total client base – 9,500 new debt problems each day </li></ul><ul><li>Financial capability and literacy - 33% of people in the UK lack any confidence in handling money - MORI – </li></ul><ul><li>7 out of 10 young people believe their education did not prepare them for the world of work – </li></ul><ul><li>Income maximisation - Each year in excess of £9 billion goes unclaimed in eligible State benefits </li></ul>
  4. 4. Financial Inclusion – Links to Housing <ul><li>70% of financially excluded live in social housing </li></ul><ul><li>81% have no savings account </li></ul><ul><li>91% have no home contents insurance cover </li></ul><ul><li>More likely to be targeted by predatory lenders – Save the Children 2009 survey shows that 55% of families earning £12,000 or less a year will turn to high-interest lenders </li></ul>
  5. 5. Key Strategic Role for Housing <ul><li>Recognition of importance of Financial Inclusion to tenants – Financial Inclusion Strategies/Action Plans </li></ul><ul><li>Housing providers - Key role as funders and providers of services and financial inclusion initiatives </li></ul><ul><li>Helping low income households: </li></ul><ul><li>- access free debt/money advice/guidance </li></ul><ul><li>- access to affordable credit - credit unions/CDFI </li></ul><ul><li>- access mainstream banking </li></ul><ul><li>- income maximisation - eligible benefits take-up </li></ul><ul><li>- promoting financial education – Consumer Financial Education Body (CFEB) </li></ul>
  6. 6. Significant Contributions to Financial Inclusion Agenda <ul><li>Establishment of Welsh Financial Inclusion Champions Team – Future role? </li></ul><ul><li>Establishment Welsh Financial Education Unit – primary/secondary schools </li></ul><ul><li>Development of the Consumer Financial Education Body (formerly part of the FSA) – improving financial capability and providing money guidance </li></ul><ul><li>Establishment of the Welsh Illegal Money Lending Unit – combating predatory lending </li></ul><ul><li>Securing of £3.4m European/Assembly Government funding for credit unions 2010-2013 </li></ul><ul><li>Arrival of Moneyline Cymru to further improve access to affordable credit </li></ul>

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