Debt Talk: The cost of financial exclusion (podcast)

There are 17.5 million people in financially vulnerable circumstances, one in three adults in the UK. Some of these vulnerabilities can be seen in the form of financial exclusion. In this episode, Ripon Ray discusses: ‘The cost of financial exclusion’. To navigate the Debt Talk podcast topic, panellists were from a financial inclusion funder, a debt crisis and money training social enterprise, and a household debt campaigner.

Diane Burridge, Community Finance Propositions and Segmentation Lead for Fair4AllFinance, develops strategies for financial inclusion projects and provides funds. She focused on supporting innovation to reduce financial exclusion by undertaking research and working with various third organisations to promote ways to make the financial services sector fair.

Jerry During MBE, Co-Founder of Money A and E, a community money and debt advice organisation in London, emphasised the need to form partnerships with community groups and government agencies to help change policy and remove barriers for marginalised communities to access financial services. He argued that lived experience must be at the heart of the decision-making process to address financial exclusion.

Joe Cox, Senior Policy Officer of the Debt Justice campaign group, is part of a global movement to end debt inequality. He focused on the strength of the financial institutions, which are far more influential than vulnerable communities that are excluded from decision-making. He believes grassroots campaigns can bring about positive change for communities in financial difficulties.

Debt Talk podcast panellists also provided helpful TIPS to listeners. The following podcast is on: ‘DRO or IVA? - that is the question'.

For those who are listing to the Debt Talk podcast and want to share your experience or want to hear a subject of your choice, you can get in touch with me: ripon.ray@yourdoctordebt.com or Twitter: yourdoctordebt

Comments

Budgeting on Your Money Matters...with Ripon Ray

24% greater than on the eve of the financial crisis, Britons owe a total of £72.5bn on credit cards with £400m added to balances in November 2018 alone, according to the Bank of England. In such a mountainous backdrop, it's essential that regulators and the central government put financial education on top of the agenda for the well-being of communities who are struggling with money. On Your Money Matters show, I have tackled this exact issue by interviewing Michelle Turpin Cope, Money Trainer. She personally struggled to manage her money once she resigned from her job as a nurse due to stress and depression. She had devoted her life caring for NHS patients. Once her savings ran out, she had to turn to state benefits; otherwise, would have been destitute. The luxury of spending money on a cup of coffee every day, without realising the impact this purchase would have on her finances, was really an issue for her. Once she went on a money mentor training, she was forced to

A debt free path for a mental health sufferer

It’s a well-known fact that individuals who suffer from a hampered mental capacity - be it mental health or learning difficulties - are most likely to be vulnerable in our communities. They are also more likely to be victims of miss-sold products and services by companies, even though organisations that are providing financial products and services have a duty under the Financial Conduct Authority (FCA) to take extra care towards these individuals. This is what the FCA has to say about vulnerable customers: ‘ The vulnerability of the customer, in particular where the firm understands the customer has some form of mental capacity limitation or reasonably suspects this to be so because the customer displays indications of some form of mental capacity limitation (see ■ CONC 2.10) But due to a culture of intensive selling to consumers, generated by employers placing and enforcing - often difficult and unrealistic - performance goals which are attached to tempting

The Post War Welfare State is crumbling - who is to blame for it? Asks Ripon Ray

The current welfare state changed in such a way that a true reflection is required as to how this has come about and and its context. Post Second World War, the Attlee government nationalised the Bank of England, the coal industry, the Central Electricity Generating Board and area electricity boards, Cable & Wireless Ltd, the railways and the local authority gas supply undertakings in England and Scotland. It introduced free education for all by nationalising institutions which were either provided by parishes or philanthropists. The National Health Service was formed and made accessible to everyone regardless of ability to pay. If you were unemployed there was infrastructure to support you when you could not afford to pay by creating the welfare system as you see today. The expenses of running such a nationalised state was met by cheap loans borrowed from overseas, contributions made by tax payers and companies in times when Britain was losing imperial dominan

Your Doctor Debt: Ripon Ray

Search This Blog