Financial inclusion
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Introduction
Financial inclusion means belonging to a modern main-stream financial system that is fit-for-purpose for everyone, regardless of their income. It is essential for anyone wanting to participate fairly and fully in everyday life. Without access to appropriate mainstream financial services, people pay more for goods and services and have less choice. The impacts of exclusion are not just financial but also affect education, employment, health, housing, and overall well-being.
Who is financially excluded?
While financial exclusion affects a wide range of people at different times in their lives, it mainly impacts people with low or unstable incomes, or who have experienced a significant life shock. Lone parents, single pensioners, migrants, long-term sick or disabled people, the long-term unemployed, and households headed by students or part-time workers are some of the groups most commonly excluded from financial services.
The facts
Banking
- Internationally, the UK is ra...
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