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Financial Inclusion

What is Financial Inclusion?

Financial Inclusion is about ensuring that everyone in our community has the opportunity to access the financial services and products to participate fully in modern day society. These include -

• Access to affordable and responsible credit
• Access to an appropriate bank account
• Access to free and impartial debt advice
• Access to savings facilities
• Access to basic home contents insurance

Why is Financial Inclusion so important ?

Financial exclusion reinforces social exclusion. It is not just an individual problem: a whole community can suffer from under-investment in financial services. Conversely, financial inclusion significantly contributes to a route out of poverty.

Take a look at these shocking statistics -

• Unsecured debt is at £280bn in the UK.
• The average household debt is over £58,000.
• In the East Midlands, demand for debt advice is up 29% on this time last year with requests for help with redundancy issues up 59% and benefits advice up 43%.
• there are still 3 million people who borrow at an APR of 164% or more from the home credit industry.
• The estimated prevalence of illegal lending is 2.1% in the 20% most deprived neighbourhoods and if you happen to live within the poorest of these the prevalence of illegal lending is more like 6%.

These frightening statistics speak for themselves, but also consider the further impact on those experiencing financial difficulties, who are often the most vulnerable members of our society. These can include poor physical and mental health issues, relationship breakdowns and the risk of abuse from illegal money lenders.

What is being done?

Due to the seriousness of the situation The Government produced 'Financial inclusion: an action plan for 2008-11'. This sets out in detail how the Government will use the £130 million Financial Inclusion Fund, announced in the CSR, to achieve its financial inclusion objectives over the next three-year spending period from April 2008 to March 2011.

More locally and in addition to the above, the Derbyshire Financial Inclusion Partnership produced 'The Financial Inclusion Strategy For Derbyshire 2009-2012' in order to provide a framework to inform and shape the work of all agencies concerned with Financial Inclusion in Derbyshire.

We are now working with partner agencies, aiming towards improving the services in our borough and ensuring that every resident is aware of and has access to them.

This page will be used to keep you informed on the various initiatives and the work we are doing to achieve this.

Contact:

Jon Leigh, Financial Inclusion Officer
On behalf of Amber Valley Borough Council, Derbyshire Dales District Council and Erewash Borough Council.
Erewash Borough Council,
Town Hall,
Ilkeston
Tel : 0845 907 2244
Email : jon.leigh@erewash.gov.uk

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