News Article
Financial Inclusion for Scotland: Progress on our Strategy
Financial Inclusion for Scotland
Financial Inclusion for Scotland
About
About the group
Financial Inclusion for Scotland is a group of Scotland’s leading policymakers and professionals from the private, charity and not-for-profit sectors who have come together to tackle financial exclusion.
Our vision
Vision
Our vision is for easy access to fair loans, savings, insurance products and financial wellbeing tools for everyone – and the ability to acquire help when needed.
Report
Financial Inclusion for Scotland Strategy 2024 - 2026
Download and read the first co-produced Scotland-wide Financial Inclusion strategy.
Campaign
A Fair Banking Act
Financial Inclusion for Scotland supports the UK-wide campaign for a Fair Banking Act.
The Act would:
- Require mainstream banking institutions to disclose their performance on financial exclusion, in a transparent, publicly available, data disclosure framework.
- Create a system for clear ratings, that show which banks are doing well and which need to improve.
Find out more here.
Campaign
Dormant Assets
Dormant assets are financial products, such as bank accounts, insurance policies, and investments, that have not been used or claimed for a long period. In the UK, these unclaimed funds are redirected to social and environmental initiatives through the Dormant Assets Scheme, while owners can reclaim their assets at any time. Here, we explain our rationale for allocating expanded Dormant Assets to financial inclusion.
Founding members
Case Study
Caroline's story: Cash and the poverty premium
Some experience a daily struggle to access free cash in the UK. Many people are forced to rely on fee-charging cash machines. Whether you take out £5 or £50, the same fee is charged.
(Source: The Poverty Alliance/Fair By Design)
Case study
Elspeth’s story: Credit and the poverty premium
The poverty premium in credit exists because people in poverty pay more to borrow money. This is because people on a low income are more likely to have a low credit score and therefore be seen as more of a risk to lend to.
(Source: The Poverty Alliance/Fair By Design)
Related News
News Article
Empowering Scotland: Financial Inclusion for All at the Scottish Parliament
Financial Inclusion for Scotland
News Article
Scotland risks being left behind in financial inclusion fight, warns national body
Financial Inclusion for Scotland • Impact • Cost of Living
Community Lenders
Advice on affordable ways to borrow money
The mygov.scot website has some helpful advice available for those looking for affordable ways to borrow money. Many community lenders like credit unions or Community Development Finance Institutions (CDFI) offer affordable loans if you have a low income or are on benefits, as well as pathways to further support.