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 services and products which enable them to manage their money on a day-to day basis; plan for the future and deal effectively with unexpected financial pressures.

‘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

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 or simple insurance to fall back on, meaning unexpected expenses quickly become unmanageable and spiral out of 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

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

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

Money Advice Service • Advise of action that can be taken against them (usually none). • Act as 3 rd 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

Colette Sinclair ) (colette.sinclair@inverclyde.gov.uk Money Matters Inverclyde 01475 715965