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Transact: Supporting the financial inclusion sector Sian Williams Head of Financial Inclusion Toynbee Hall July 2013.

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Presentation on theme: "Transact: Supporting the financial inclusion sector Sian Williams Head of Financial Inclusion Toynbee Hall July 2013."— Presentation transcript:

1 Transact: Supporting the financial inclusion sector Sian Williams Head of Financial Inclusion Toynbee Hall July 2013

2 Toynbee Hall and Financial Inclusion One of leading Financial Inclusion organisation in the UK since 2000 (Services Against Financial Exclusion, Transact) Combine front line 1-1 and organisational work with policy and practice development Actively engaged in finding practical solutions e.g. Support Family Mosaic in Southwark in DPDP Influencing policy e.g. DWP (UC SEWG/CUGEF), HMT, FCA, BIS, OFT etc

3 Transact: Purpose and activities Support policy and practice improvement Provide a voice for the sector Encourage and support research Support good practice sharing Support professionalisation of the sector Website and other online activity Newsletters Events – learning, research, sharing Consultations

4 Key challenges for the sector Gov policy – FI as a means to an end Welfare reform – UC, bedroom tax, cap Continued rising living costs Digital tumbleweed Knowing what works for whom

5 Tools MAP: Money, Access and Participation Tool Needs-led tool to assess individual level of financial health (inclusion, capability, impact) National programme led to tool’s development Building web version, national roll-out Jan components, flexible mix Creates baseline and needs assessment Follow up use allows service impact evaluation On-line or paper-based Full training and support provided

6 Step 1: Systemic or individual barriers? Improve the environment through capacity building in organisations and improving policies and processes Improve people’s ability to navigate the environment through financial capability training Financial Health

7 The financial health environment Income (living standards/living wage/benefits/ wages/salaries) Financial services providers Government Policy (national and local) Non-financial services providers which require payment (housing, education, health, utilities, transport, food etc) Enabling service providers (support, financial literacy, debt and benefits advice etc) Enforcement services (debt collection, payment /account information, bailiffs, courts, probation etc) Cost of living and local conditions

8 Frameworks for effective financial inclusion Recognise the wider environment Understand organisation’s role in shaping that environment Identify the most significant causes of detriment within your localised environment – base on fact, not assumption Think “system” and “network” (partnership) Get to know service users Be a learning organisation – learn from yourself and others: Assess before and after interventions (evaluation)

9 Tools Financial Inclusion Health Check for Organisations: Tailored analysis of organisational impact on service users’ financial health Data gathered through interviews and focus groups with senior and front-line staff and service users Measures reality gap between policy, practice and impact on service users Recommends action plan for quick wins and strategic/systemic improvements Full follow-up offered: strategy – training - support

10 Opportunities Increase financial inclusion at the LA level S-t-r-e-t-c-h each £1 through good use of financial products and powerful purchasing Broaden horizons and create a new financial culture for people receiving benefits Shape the environment Create skilled navigators

11 Thank you and Questions? Sian Williams


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