The Financial Inclusion Commission welcomes the Government’s National Financial Inclusion Strategy.
The Financial Inclusion Commission welcomes the Government’s National Financial Inclusion Strategy published this week.
We share the Government’s belief that financial inclusion can be both a bridge to opportunity and an engine for growth. The strategy sets out important commitments that we believe will improve access to affordable credit, enhance digital inclusion, and strengthen access to banking services through the rollout of up to 350 banking hubs. We particularly welcome the renewed focus on digital skills, inclusive design, and the recognition that financial resilience must underpin long-term economic stability.
However, we are concerned that the strategy misses the mark in addressing some of the most persistent and well-evidenced barriers to financial inclusion. The Government should - and still can - go further in mainstreaming proven tools, such as opt-out savings schemes and affordable insurance options for all low-income households, not just social renters. The strategy also provides limited detail on how long-term infrastructure changes will be delivered. Without these more systemic solutions and clear timelines, the strategy risks repeating longstanding policy gaps rather than closing them.
Measuring progress matters. We urge the Government and the FCA to publish interim progress reports within 12 months, ensuring that the voices of people and communities most affected by exclusion are represented in delivery and oversight bodies. We also call on the financial services industry to set out its own measurable commitments to advancing financial inclusion, building on the strategy’s principles.
The Financial Inclusion Commission remains committed to working with Government, industry and civil society to maximise the opportunity the strategy presents for achieving significant, sustainable transformation of financial inclusion across all our communities.
For press enquiries, please email rachael@financialinclusioncommission.org.uk
