Achieving Full Financial Inclusion in the UK
This report summarizes the findings of primary research with people with lived experience of financial exclusion, and stakeholders with a professional interest in financial inclusion. The aim was to identify what would be needed to achieve financial inclusion in the UK. It is clear from this research that a strategic approach is essential, with cross-sector coordination and ongoing, meaningful input from the people who stand to benefit. Such a strategy needs to take into account differences within and across the four nations of the UK and learn from good practices globally.
Trust is a recurring issue, with evidence that consumers neither trust their providers nor feel trusted by them. The research also highlights a need for greater transparency and flexibility from financial service providers, as well as better product design that meets the needs of those most likely to be excluded from current provision.