Fixing financial exclusion across the four nations

CHASM and the Financial Inclusion Commission call on the UK Government to bring forward a National Financial Inclusion Strategy.

A twenty pound, ten pound and five pound note. With a two pound coin and three one pound coins

Launched in June, a report - Fixing Financial Exclusion across the Four Nations - The case for prioritising a new National Financial Inclusion Strategy - summarises research produced by CHASM - Centre on Household Assets and Savings Management in collaboration with, and funded by, the Financial Inclusion Commission (FIC).

It’s been a pleasure working with the FIC team in delivering this valuable research.

Louise Overton CHASM director

Based on insights and assessment of financial exclusion across the four nations, we have explored what more needs to be done to achieve financial inclusion in the UK.

The report asks all political parties to commit to creating a National Financial Inclusion Strategy, prioritising:

  1. Better access to essential financial services
  2. Building people’s financial resilience
  3. Affordable and well-regulated credit
  4. Better support for those at risk of financial problems
  5. Promotion of saving for retirement and social care

Numerous organisations and individuals including academics, public, third sector and private sector organisations, and also research centres and think tanks continue to argue for financial inclusion. founder Martin Lewis has previously argued for financial inclusion to be made a priority. Speaking to the cross-party House of Lords Liaison Committee in 2021, Martin said: "We need far more senior, powerful and invested government in financial inclusion. Because it is the bedrock of employment. It is the bedrock of being a consumer and, frankly, it is the bedrock of being a citizen."

The FIC shares the sentiment that by prioritising financial inclusion, we can unlock significant opportunities for inclusive economic growth, enhance household financial resilience, and reduce the social and economic costs associated with financial distress.

In collaborating to deliver this report, CHASM’s work has involved synthesising the latest UK financial exclusion data before embarking on evidence gathering sessions in England, Wales, Scotland and Northern Ireland with experts, advocates and people with lived experience. Two additional, full length reports will be released this autumn, exploring a) the existing research and b) the priorities and potential solutions identified by stakeholders and people with lived experience