Research by FCA’s Financial Lives: 2024 Survey found that in the two years prior to 2022, 23% of UK adults struggled to access a financial product or service. Whilst there has been progress since then, with the percentage of unbanked adults in the UK dropping from 2.5% in 2017 to 1.6% in 2024, there is still much more that must be done.
Within the 1.6% of unbanked adults, 4% hail from the most deprived areas of the UK (2.5x the UK average) and 8% from among unemployed adults (5x the UK average). It’s time to turn our attention to those who have fallen through the cracks – a goal that has been recognised at a government level, evidenced through the development of a Financial Inclusion Committee, and the pending National Financial Inclusion Strategy.
In this report – Unlocking growth through digital payments innovation: the economic impact of inclusion –from The Payments Association’s Financial Inclusion Working Group, we spotlight some of the innovative solutions that have helped to bring more people into the fold of mainstream finances, boosting spending and general consumer wellbeing.
If the UK is serious about building inclusive growth, financial inclusion must be at the heart of its agenda, and innovation is key.
The Payments Association’s working groups are comprised of industry experts from across the payments chain, who share the mission of driving industry change to shape the future payments landscape and improve the industry on behalf of members of the association
Being a member of one of The Payments Association’s working groups comes with a host of benefits:
In addition, committee members will receive:
All working group members are representatives of organisations with The Payments Association membership.
The FCA estimates that 12.9 million UK adults have low financial resilience – that’s one in every four. With millions struggling to make ends meet, community finance options are an increasingly important consideration, but are often neglected in conversations around financial inclusion.
Our community finance project explores how community finance should be redefined to make it more inclusive, accessible, and fit for purpose to tackle today’s financial exclusion. challenges.
The Inclusion Working Group has explored numerous ways in which financial inclusion can be aided by innovative technology. They have produced a whitepaper that investigates how fintech innovation is increasing access to affordable credit and tackling financial exclusion. Additionally, they have created a series of blogs from a series of interviews with fintech experts, to explore how crypto helps aid Financial Inclusion.
In our latest podcast, join Gurminder Bhagrath, COO of Plane Saver Credit Union, Karen Elliott, Professor in Finance & FinTech at The University of Birmingham, and Shaun May, Director, Strategy, Sustainability and Innovation, Coutts, and Inclusion Working Group member, as they delve into the challenges and opportunities in community finance.
Previously, Josh Berle (Mastercard), Frederick Rugginz (JP Morgan), Kit Yarker (PPS) and Charles Radclyffe (EthicsGrade), discussed how sustainability can be feasible in fintech companies.
Please fill out the form to indicate your interest in receiving more information about The Payments Association’s Inclusion Working Group. A member of our Project Team will be in touch with you shortly.
