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13 March 2015

Financial Inclusion Commission report published

The Financial Inclusion Commission has published a report on their findings from their inquiry, which gathered evidence from a range of stakeholders across the UK on a range of financial inclusion initiatives in order to put financial inclusion back on the agenda, ahead of the election.

CHC welcomes the findings of the Commission’s report, which has flagged up many of our own concerns around financial exclusion in Wales, including the need to raise financial capability and digital skills in order to address challenges associated with the roll out of Universal Credit. The assertion that more must be done to raise awareness of welfare reform and to develop relevant products to help people cope with the changes, are in line with our own findings. CHC responded to welfare reform, advances in technology and the way people operate their finances by developing the Your Benefits are Changing (YBAC) campaign. YBAC increases awareness of the roll out of welfare reform and provides support to help people take control of their changing finances within a challenging environment.

Paul Langley, CHC's Money Advice Manager said: “We know that Wales will be disproportionately impacted by welfare reform in comparison to other parts of the UK. We particularly welcome the report’s recommendation that more help and advice is targeted at those who are in in-work poverty. We also welcome recommendations around improved credit scoring and support for CDFIs such as Moneyline Cymru and credit unions, to ensure those who need to access small loans can do so at reasonable rates.”