Financial inclusion strategy for Wales

In this current economic climate, financial exclusion looks set to remain a difficult problem to overcome, making it even more important for us to do all that we can to promote financial inclusion, particularly for those that are already suffering from the impact of exclusion and those who are at risk of being drawn into the exclusion trap.

The publication of Wales’ first Financial Inclusion Strategy gives our undertaking to address the barriers to financial inclusion and to support those who can least afford to be financially excluded.

The Financial Inclusion Strategy and the associated Action Plan identify the work which needs to be undertaken by the Welsh Government, in collaboration with all relevant stakeholders, to address the problems associated with financial exclusion.  These organisations have been involved in the development of the Strategy from its outset and will be key players in the ongoing delivery of Financial Inclusion initiatives.

The overall aim of the Strategy and Action Plan is to facilitate a joint-agency response to financial inclusion that will improve the current financial landscape, including awareness raising, financial capability, advice on income maximisation and money management, specialist debt counselling, accessible savings opportunities and access to mainstream banking and sources of affordable credit through third sector lenders.