Inventing our future Collective action for a sustainable economy

Regional Social Strategy – the strategy to achieve social inclusion throughout the East of England
i) Financial services
The Treasury-led Policy Action Team Report 14 has led to a number of important developments to improve
access to banking. These are reflected in the range of local initiatives across the region that aim to encourage
people to save, provide financial literacy training and access to loan finance at affordable rates (SO7: 1, 2, 3).
Successful credit unions can help improve choice and access to financial services by offering fair, helpful
and personalised services to all parts of the community. Many local Post Offices are now offering basic
bank accounts following the introduction of direct credit transfer for the payment of welfare benefits.
The Financial Inclusion Taskforce (FIT) was launched in 2005 to monitor progress on government objectives
relating to financial inclusion. FIT has drawn up the following framework for action:
• access to banking
• affordable credit
• face-to-face advice.
This is consistent with the experience of Citizens Advice, which states that successful financial inclusion
activities require three key elements:
• delivery of financial literacy programmes
• access to debt advice
• access to affordable financial services (such as credit unions).
Case study 31
Moneysense Project
This financial literacy programme funded by Essex County Council targeted junior schools, secondary
schools, sixth forms, special needs schools and exclusion units in the Basildon area. Its aim was to help
young people build on their sometimes limited knowledge of the financial world, equipping them to make
more informed financial choices as they grow up.
Through a series of presentations and workshops the programme explored such issues as how bank
accounts and credit cards work, and some of the potential pitfalls of the latter. Older children were also
taught about earning a salary, budgeting, paying rent and avoiding debt.
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