In 2021 over 10 million UK adults can’t access affordable credit, a problem known as financial exclusion. Typically, these are people on low income who inevitably struggle to build financial resilience in the form of savings and insurance. This in turn makes them especially vulnerable to a loss of income or other financial shocks such as from illness, unemployment or household repairs.
Without access to affordable credit, one event can send a person and their family into a spiral of debt that can take years to recover from. As our economy increasingly moves towards flexible ‘gig-economy’ jobs and zero hour contracts, the need for access to affordable credit is now as essential as a bank account to manage irregular income cycles.
While over 70 per cent of UK customers now use Fintech services to manage their money, innovation in consumer credit – especially for the financially excluded – has been slow. But this is changing rapidly.
This report provides an overview of how Fintech innovation is increasing access to affordable credit and tackling financial exclusion.
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