Financial Exclusion and Literacy

Questions to the Mayor of London – answered on 24th May 2022.

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Photo of Hina Bokhari Hina Bokhari Liberal Democrat

What measurable results have been delivered in respect to the previous commitments you made to address some of the key causes of financial exclusion and increase financial literacy?

Photo of Sadiq Khan Sadiq Khan Mayor of London

I am deeply concerned about the impact of rising living costs on low-income households. It is key that we support Londoners to access new work opportunities and build the numeracy skills they need to help manage the impact of rising costs.

To help Londoners into work I have supported programmes such as the London Progression Collaboration (LPC) to create new apprenticeship opportunities. To date the LPC has supported nearly 1000 apprenticeship starts. My Academies Programme and Skills Bootcamps will also support Londoners into jobs at the London Living Wage and above.

In 2020/21 my Adult Education Budget (AEB) programme supported 23,440 learners to participate in basic maths skills courses, as well as 25,766 learning aim enrolments in maths and personal finance provision as part of Preparation for Life and Work courses.

I will focus new funding for the ‘Multiply’ numeracy programme on supporting Londoners to improve their financial literacy skills to help those struggling with the rising cost of living.

I am also currently funding the Debt Free London partnership to operate their debt advice helpline on a 24/7 basis until the end of May, after which I’ll be investing a further £3.7 million in a range of activities to help Londoners maximise their incomes and reduce their outgoings. This is on top of the £1.7 million I have already invested in community-based advice partnerships that are connecting excluded Londoners with welfare and debt advice.