1. After the Taskforce: How will we monitor progress towards financial inclusion? 26 September 2012 Stephen McKay @socialpolicy University of Birmingham / CHASM Supported by Friends Provident Foundation

2. Some milestones 1999 Social Exclusion Unit’s Policy Action Team 14 (PAT 14) – Basic Bank Accounts. Promoting Financial Inclusion, 2004. Formation of Financial Inclusion Taskforce (2005), and Financial Inclusion Fund (£120m, for 2005- 08). Financial inclusion: the way forward and Financial inclusion: an action plan for 2008-11 (2007). Additional £130 million for 2008-11 for FiF.

3. More recently Financial Inclusion Taskforce – set of research projects and evidence reviews (e.g. on affordable credit, debt advice, insurance, savings, ‘unbanked’ …) Ending of Financial Inclusion Taskforce (March 2011). Decisions to cease new Child Trust Fund investment and not introduce Saving Gateway.

4. After the Taskforce PFRC Developing a vision for financial inclusion. (Kempson and Collard 2012) FPF to support project to monitor financial inclusion over next 5 years (annual reports from CHASM, University of Birmingham).

5. Continuing the monitoring – e.g. those unbanked YearAdults without individual access to transactional account Adults living in households without access to transactional account 2006/072.99m (6.4%)1.78m (3.7%) 2007/082.83m (6.0%)1.54m (3.3%) 2008/092.78m (5.9%)1.51m (3.2%) 2009/102.62m (5.5%)1.40m (2.9%) Source: Various years of the Family Resources Survey.

6. Context – income stagnation, or worse Family Resources Surveys

7. Spending 20062010 TOTAL£506.70£473.60 Of which Food£52.30£53.30 Alcohol and smoking£12.50£11.80 Clothing, footwear£25.90£23.40 Transport£68.70£64.90 Housing, fuel, power£53.60£60.40 Living costs and food survey.

8. How well would you say you yourself are managing financially these days? BHPS and Understanding Society

9. How well would you say you yourself are managing financially these days? BHPS and Understanding Society

10. Indebtedness (‘median’ extent) 2006/082008/10 Total non-mortgage£2,800£3,200 Excluding student loans£2,500£2,900 Published figures from Wealth and Assets Survey.

11. Mortgage repossessions CML figures.

12. Research plans Consultation Analysis of key indicators – financial products, debt, credit, savings, insurance. Or, daily needs, period needs, longer term needs … – From FRS, WAS, Understanding Society, … using the underlying ‘raw’ data, plus administrative statistics – Individual and combined analysis (index, scorecards). An annual ‘state of the nation’ report on financial inclusion

13. Questions (for yourselves) What are the priorities? Anything missing? What other sources should we be looking at? Watch: http://www.birmingham.ac.uk/chasm