The Financial Inclusion Committee will be attended by representatives from organisations such as Lloyds Bank, Aviva, Experian, Citizens Advice and the Money & Mental Health Policy Institute.
Hosted by Treasury minister Tulip Siddiq, the meeting will explore measures to support vulnerable people to access banking, build savings and improve financial resilience. The committee’s findings will support development of next year’s Financial Inclusion Strategy.
The committee will focus on tackling financial exclusion by discussing ways to provide individuals with poor credit histories access to safe and affordable credit.
The committee will also identify measures to support the 11-and-a-half million people in the UK with less than £100 in savings. Such low savings significantly increase their vulnerability to unexpected costs or unforeseen life events.
Poor access to the right financial products and services can have a significant impact on people’s finances and wellbeing. Expanding credit will offer people more choices and help prevent them from resorting to predatory lenders, such as loan sharks.
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Tulip Siddiq, Economic Secretary to the Treasury, said: “Being able to open a bank account, build savings for a rainy day or access affordable loans is vital to helping people across the UK manage their money. I want to make the system fairer and more accessible – and that’s what this work is all about.”
Helen Undy, chief executive of the Money and Mental Health Policy Institute, said: “People with mental health problems can face major barriers when choosing, using and paying for financial services. This can result in many of us paying through the nose for financial products like insurance, or being effectively locked out of these services altogether.
“It’s fundamentally wrong that a diagnosis of a mental health condition can lead to a life of financial difficulty. That needs to change, so we’re delighted that mental health will be a key consideration in the Financial Inclusion Committee’s work. I look forward to working with the committee to address these issues through the new financial inclusion strategy.”
