Transact: Supporting the financial inclusion sector Sian Williams Head of Financial Inclusion Toynbee Hall July 2013

Toynbee Hall and Financial Inclusion One of leading Financial Inclusion organisation in the UK since 2000 (Services Against Financial Exclusion, Transact) Combine front line 1-1 and organisational work with policy and practice development Actively engaged in finding practical solutions e.g. Support Family Mosaic in Southwark in DPDP Influencing policy e.g. DWP (UC SEWG/CUGEF), HMT, FCA, BIS, OFT etc

Transact: Purpose and activities Support policy and practice improvement Provide a voice for the sector Encourage and support research Support good practice sharing Support professionalisation of the sector Website and other online activity Newsletters Events – learning, research, sharing Consultations

Key challenges for the sector Gov policy – FI as a means to an end Welfare reform – UC, bedroom tax, cap Continued rising living costs Digital tumbleweed Knowing what works for whom

Tools MAP: Money, Access and Participation Tool Needs-led tool to assess individual level of financial health (inclusion, capability, impact) National programme led to tool’s development Building web version, national roll-out Jan components, flexible mix Creates baseline and needs assessment Follow up use allows service impact evaluation On-line or paper-based Full training and support provided

Step 1: Systemic or individual barriers? Improve the environment through capacity building in organisations and improving policies and processes Improve people’s ability to navigate the environment through financial capability training Financial Health

The financial health environment Income (living standards/living wage/benefits/ wages/salaries) Financial services providers Government Policy (national and local) Non-financial services providers which require payment (housing, education, health, utilities, transport, food etc) Enabling service providers (support, financial literacy, debt and benefits advice etc) Enforcement services (debt collection, payment /account information, bailiffs, courts, probation etc) Cost of living and local conditions

Frameworks for effective financial inclusion Recognise the wider environment Understand organisation’s role in shaping that environment Identify the most significant causes of detriment within your localised environment – base on fact, not assumption Think “system” and “network” (partnership) Get to know service users Be a learning organisation – learn from yourself and others: Assess before and after interventions (evaluation)

Tools Financial Inclusion Health Check for Organisations: Tailored analysis of organisational impact on service users’ financial health Data gathered through interviews and focus groups with senior and front-line staff and service users Measures reality gap between policy, practice and impact on service users Recommends action plan for quick wins and strategic/systemic improvements Full follow-up offered: strategy – training - support

Opportunities Increase financial inclusion at the LA level S-t-r-e-t-c-h each £1 through good use of financial products and powerful purchasing Broaden horizons and create a new financial culture for people receiving benefits Shape the environment Create skilled navigators

Thank you and Questions? Sian Williams