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Financial Exclusion and Literacy

Questions to the Mayor of London – answered on 12th March 2020.

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Photo of Susan Hall Susan Hall Conservative

What steps have you taken to “address some of the key causes of financial exclusion and increase financial literacy”, how are you measuring your progress and which groups have you targeted in particular, and why?

Photo of Sadiq Khan Sadiq Khan Mayor of London

My Good Work Standard sets the benchmark for employers to support the financial wellbeing of their employees, for example, by signposting them to trusted financial advice or sources of affordable credit. I’m tracking the number of Londoners employed by firms signed up to the standard which recently passed 200,000.

To promote financial literacy amongst young Londoners I co-hosted a Financial Education Summit at City Hall with the Money Advice Service and Young Enterprise in 2018. And through the Care Leavers Covenant I’m committed to tackling financial exclusion amongst care leavers who face significant financial challenges during the transition to independent living.

My Economic Fairness Indicators monitor levels of problem debt and I’m doing what I can to assist the 600,000 Londoners who find repayments a heavy burden. This includes using European Social Funds to support young people not in education, employment or training and in problem debt, in recognition that financial instability is a barrier to progression.