Financial Services: Disadvantaged
The question
To ask the Chancellor of the Exchequer, if she will make an assessment of the impact of financial exclusion on (a) care experienced and (b) older people.
Answered by Tulip Siddiq
Ensuring people have access to appropriate financial products and services is a key priority for the Government and is vital to supporting people’s financial resilience and wellbeing. It is also an essential part of achieving inclusive growth and ensuring individuals are able to fully participate in the economy.
On 5 December, I convened a Financial Inclusion Committee which has been established to tackle the problems of financial exclusion. Through this committee, I will work with consumer groups and industry on the development of a Financial Inclusion Strategy. This will consider a range of barriers to inclusion for excluded groups, with a particular focus on access to banking, credit, and insurance.
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