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Colette Sinclair Financial Inclusion Strategy Manager/Money Adviser - - PowerPoint PPT Presentation
Colette Sinclair Financial Inclusion Strategy Manager/Money Adviser - - PowerPoint PPT Presentation
Colette Sinclair Financial Inclusion Strategy Manager/Money Adviser Inverclyde CHCP What is Financial Inclusion? Financial Inclusion A Definition Financial Inclusion is about ensuring that everyone has access to appropriate financial
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‘Appropriate financial services and products’
- Affordable, responsible credit
- Safe Saving Products
- Bank Accounts appropriate to need
- Face to face debt advice
- Basic home contents insurance
- Financial education and capability
programmes
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Effects of exclusion
- Difficulty getting a job, employers increasingly looking for
bank details to credit wages
- Paying more for utilities as cannot access discounts for
paying direct debit
- Being forced to borrow from high-cost or illegal lenders
such as doorstep lenders, loan sharks, cheque cashing centres etc
- Lacking the security of having a small amount of savings
- r simple insurance to fall back on, meaning unexpected
expenses quickly become unmanageable and spiral out
- f control
- No access to impartial money advice which can help
avoid significant financial and personal distress and have a detrimental affect on health and relationships
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Those most likely to be affected
- The unemployed
- Those claiming means-tested benefits
- Those unable to work due to illness or
disability
- Single pensioners
- Lone parents
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Money Advice Clients
- Present tearful, worried and unable to cope
- Embarrassed
- Unable to sleep/depressed
- Frightened
- Burying their head in the sand
- Causing domestic disputes – therefore often
hide the extent of problem
- Don’t come for help until at crisis point –
eviction, wage arrestment etc
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Money Advice Service
- Advise of action that can be taken against them
(usually none).
- Act as 3rd party, take over management of debts,
write to creditors and get them to contact MA and stop harassing client.
- Prioritise debts and set up repayment plans
- Support client to get back in control of their
finances
- Refer/signpost to other support services
- Ongoing support, intervention and advice
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