Information about how the council and its partners can help local people gain access to financial products and services and learn to manage their finances.
Financial Inclusion is a range of activities and projects aimed at tackling two main issues:
Too many people cannot gain access to appropriate financial products and services at present; they struggle to obtain affordable credit or helpful financial advice and face barriers in opening and operating bank accounts. Financial exclusion blights the lives of many millions of people; it increases the costs they bear for basic services; it makes them vulnerable to illegal or high cost lending; it reinforces social exclusion.
Financial services play an important role in most people’s everyday lives. Many people rely on their bank accounts to pay their bills and have their wages paid into. Products such as mortgages and pensions enable people to buy homes and save for their futures.
Yet, some people do not have access to even the most basic of financial services and products, resulting in them paying increased prices for the services that they can and do access.
People who are financially excluded find themselves experiencing one or more of the following issues:
This is people’s knowledge and skills to understand their own financial circumstances, along with the motivation to take action. Financially capable consumers plan ahead, find and use information, know when to seek advice and can understand and act on this advice, leading to greater participation in the financial services market’
Being able to make sound financial decisions is an essential life skill. It enables people to manage their day-to-day finances and empowers them to be able to cope with unforeseen emergencies and plan for their futures.
Yet, many people lack these necessary skills, which often results in greater costs to their own financial wellbeing, and to the local economy. The increase in personal responsibility on people to manage their finances and has led to a ‘live for today, pay later’ culture.
Launched in January 2011, the East Riding Financial Inclusion Strategy, 2012 – 2017, ‘Building Financial Independence’ outlines the individual, community and economic costs of financial exclusion and seeks to provide a framework to shape policy and service delivery to all residents and employees living and working in the East Riding.
Although the East Riding is widely regarded as a prosperous area, deprivation levels in some areas remains high and this means that many people are often not able to benefit from the area’s success. The strategy aims to reduce the inequalities caused by financial exclusion and poor financial capability.
Financial Inclusion Strategy 2012-17 (pdf 1mb opens in new window)
The role of the East Riding Financial Inclusion Forum is to:
The specific aims of the forum are to:
The presentations and information from the last forum meeting are available here:
15 June 2017 Presentation - Financial Inclusion Strategy support - HEYCU (pdf 773KB opens in new window)
15 June 2017 Presentation - Financial Inclusion Strategy support - HERCA (pdf 420 opens in new window)
15 June 2017 Presentation - Current Financial Inclusion Strategy - ERYC (pdf 808KB opens in new window)
You can view previous and more recent forum presentations below:
Membership of the forum is open to organisations from across the public, private and voluntary sectors who deliver financial inclusion related services or otherwise support, represent or engage with individuals or groups who struggle with financial inclusion related issues.
Current membership stands at around 150 individuals, representing over 100 organisations, projects and groups, with attendance at forum meetings regularly over 40 and growing each meeting.
The East Riding Financial Inclusion Forum does not have a chair, as its meetings are, for the most part, presentation and workshop style. The council manages and co-ordinates the forum.
It meets four times a year. The next forum date is to be confirmed.
The last meeting was held on: Thursday 15 June 2017
For further information on any of the above, please contact Marc Hall:
Tel: (01482) 393939