David Burton-Sampson
Main Page: David Burton-Sampson (Labour - Southend West and Leigh)Department Debates - View all David Burton-Sampson's debates with the HM Treasury
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Martin Rhodes (Glasgow North) (Lab)
I beg to move,
That this House has considered financial inclusion.
It is a pleasure to serve under your chairship, Dr Huq. We need a financial system that removes barriers to accessing affordable financial products and services. Those on lower incomes, older people, those with health issues and people with disabilities all have unique needs that an inclusive financial system should be engineered to support. The Building Societies Association reports that 14 million people have less than £100 in savings. According to Fair4All Finance, there are certainly more than 20 million people in financially vulnerable circumstances in the UK.
David Burton-Sampson (Southend West and Leigh) (Lab)
I thank my hon. Friend for securing this important debate. In my constituency of Southend West and Leigh, nearly 30% of people who are financially vulnerable are in the “squeezed and sliding” group—people with mortgages and rent commitments but on a low income and, most importantly, with limited savings. Does he agree that more needs to be done to encourage saving for a rainy day, perhaps including an opt-out payroll savings scheme?
Martin Rhodes
I agree that we need to do more to encourage savings, but we also need to encourage the incomes that are required for people to make those savings.
The driving reason for this level of financial exclusion has been attributed to an increase in low or unstable incomes, lack of savings and life events such as loss of work or bereavement.