The UK is a world leader in financial services, yet many of our residents are unable to engage with essential financial services. A financially inclusive society needs to be a priority, to ensure those who are in work are able to manage their wages and those out of work are able to effectively budget their benefits.
16.2 million people in the UK have low financial capability
The average UK consumer who is online saves £744 per year, thanks to the internet.
86% of people who manage their money online report that they “worry less because they can track their finances”.
The clear link between financial exclusion and issues such as poverty, inequality, and social exclusion means that Good Things Foundation and the Online Centres Network are committed to making a difference in this field.
While there is no single solution to the issue of financial exclusion, we believe that everyone should have equal access to financial services and be supported to develop basic financial skills, enabling them to manage their money, regardless of income, age or circumstance. We believe digital skills and digital tools are crucial to ensure everyone can become financially included.
Working in partnership with the public, private and charity sectors is key to our approach. We’re working with Lloyds Banking Group to support a group of centres within the Online Centres Network to deliver financial inclusion activity, to produce online courses for Learn My Way, and to support Lloyds Digital Champions to play a role in reducing financial and digital exclusion.
Our network routinely engages people in need of guidance through the Universal Credit and Universal Jobmatch systems, while simultaneously providing advice on budgeting skills and dealing with debt through the Money My Way financial management learning programme.
Good Things Foundation and our network of community partners are working towards a vision of full financial inclusion for all, through local support and online learning.
48% of Learn My Way learners are more able to manage their money and can adapt to changes in their financial situation after completing learning.