Jim Shannon
Main Page: Jim Shannon (Democratic Unionist Party - Strangford)Department Debates - View all Jim Shannon's debates with the HM Treasury
(1 day, 20 hours ago)
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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.
Jim Shannon (Strangford) (DUP)
I commend the hon. Gentleman for securing this important debate. I am a firm advocate of local credit unions that provide access to affordable loans and help with learning how to save. Does he agree that financial inclusion must be available in small villages and towns through sound help and advice? Does he also agree that banks need to come back to the villages and stop the centralisation of services, which isolates people from the guidance they need?
Martin Rhodes
I agree that we need to look right across the board at the different ways in which people are excluded from financial services, including people living in smaller villages and towns. I also agree about the importance of credit unions to financial inclusion.
It has been reported that 41,500 people in Glasgow North are in financially vulnerable circumstances. That is 44% of the adult population, which is far higher than the national average of 38%. With financial exclusion increasing, the Government must take steps to mainstream inclusive policies and practices in our financial system, which is why I support the Government’s appointment of the Financial Inclusion Committee and the soon-to-be-published financial inclusion strategy.