Financial Services: Young People
The question
To ask the Chancellor of the Exchequer, what estimate her Department has made of the number of young people financially excluded from mainstream banking, savings and credit products.
Answered by Rachel Blake
Ensuring all individuals have access to the financial products they need is a key priority for the Government. The Financial Inclusion Strategy, published in November last year, sets out a range of ambitious measures for the Government and industry to improve financial inclusion and resilience for underserved groups across the UK.
The FCA’s Financial Lives Survey provides data on a wide range of financial inclusion metrics, including for younger adults. The latest report can be found here - https://www.fca.org.uk/financial-lives/financial-lives-2024
The Financial Inclusion Strategy is acting to address financial exclusion, including through interventions to: i) make it easier for individuals without standard ID to open a bank account through a pilot partnership with banks and charities, ii) make financial products more accessible through an inclusive design industry working group, iii) support individuals to build savings through workplace savings schemes and iv) increase the provision of affordable credit through new funding for credit unions and a pilot to explore small sum lending for mainstream banks.
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