Financial Services: Minority Groups and Young People

Treasury written question – answered on 18th October 2021.

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Photo of Alex Cunningham Alex Cunningham Shadow Minister (Justice)

To ask the Chancellor of the Exchequer, what steps his Department is taking to improve financial inclusion for (a) young people and (b) marginalised communities.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government is strongly committed to tackling financial exclusion and wants everyone, whatever their background or income to be able to access useful and affordable financial products and services. Since March 2018, the Government has convened the Financial Inclusion Policy Forum, co-chaired by the Economic Secretary to Treasury and Minister for Pensions and Financial Inclusion. It brings together leaders from industry, charities, and consumer groups, as well as government ministers and the regulators to provide leadership and promote collaboration to improve financial inclusion.

The Government has allocated £96 million of funding from dormant assets towards financial inclusion, which is being distributed by Fair4All Finance. The Government works closely with Fair4All Finance, which was founded to support those who are in financially vulnerable circumstances through fair and affordable financial products and services.

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