The research was commissioned by the Financial Inclusion Commission with financial support from Mastercard.
In Financial Inclusion in the UK, CHASM undertook a rapid review of financial inclusion. The review looked at financial inclusion, making suggestions for potential approaches to tackle exclusion – preferably within the framework of a national strategy.
CHASM’s latest report in this series, Achieving full financial inclusion in the UK: current realities and potential solutions, summarises the findings of primary evidence gathering sessions held in England, Northern Ireland, Scotland, and Wales in April 2024. Those sessions included face-to-face meetings with people with lived experience of financial exclusion, as well as bringing together stakeholders with a professional interest in financial inclusion.
Adele Atkinson, one of the reports’ authors, is Professor of Practice in Financial Literacy and Wellbeing in CHASM. Adele emphasises the breadth of the research and the desired impact: “CHASM and the Financial Inclusion Commission have listened to consumers and stakeholders in all four nations of the UK to identify what would be needed to achieve financial inclusion in the UK. It is clear that a strategic approach is essential, with cross-sector coordination and ongoing, meaningful input from the people who stand to benefit. Such a strategy needs to take into account differences within and across the four nations of the UK and learn from good practices globally.”
Trust is recurring issue, with evidence that consumers neither trust their providers nor feel trusted by them: ‘How can you trust if you do not know how you have been treated’, remarked one research participant. Adele adds 'Our research highlights a need for greater transparency and flexibility from financial service providers, as well as better product design that meets the needs of those most likely to be excluded from current provision.'
