Financial inclusion strategy aims to make money work for everyone

The government has unveiled a new financial inclusion strategy designed to make financial services fairer, safer and more accessible for everyone - from schoolchildren learning about money for the first time, to people rebuilding their lives after hardship.

Announcing the plan, City minister Lucy Rigby said financial inclusion can “transform lives”, helping turn “a potential shock into a manageable obstacle” and giving people the tools to achieve their goals.

At Money Wellness, we see every day how financial exclusion can trap people in debt, anxiety and poverty - and how access to the right support, education and products can change everything. So we’re pleased to see a joined-up national approach that tackles the root causes of exclusion.

Financial education for all

One of the headline commitments is to make financial education compulsory in all primary and secondary schools across England. By teaching children about money from an early age, the government hopes to build confidence and financial resilience before young people enter the world of work.

This marks a major win for those of us who’ve long campaigned for better financial education. Our own research found that 94% of people seeking debt help from Money Wellness didn’t receive any financial education at school, and most believe it would have helped them avoid money problems later in life.

More inclusive financial products

The strategy also commits to making financial products more inclusive, ensuring services are designed for everyone, including those who may currently find it difficult to open an account, get affordable credit or build savings.

A new industry-led working group will help banks and financial providers design products that meet the diverse needs of their customers.

Helping people build a safety net

With more than 11.5 million people in the UK having less than £100 in savings, the government is launching a new National Coalition of Employers to support payroll savings schemes. The idea is simple: to make saving easier by allowing workers to put a small amount aside directly from their pay packet, helping to build financial resilience and reduce stress when unexpected costs arise.

Safer, fairer credit – and tackling loan sharks

One of the most significant elements of the strategy is its focus on improving access to safe, affordable credit. Too often, people who can’t access mainstream borrowing turn to high-cost lenders or, worse, illegal loan sharks.

To tackle this, the government is strengthening the community finance sector and funding a ‘small-sum loans’ pilot scheme through Fair4All Finance, supported by dormant assets.

This is an important step in tackling illegal lenders who are a blight on communities up and down the country. Speaking to us about how they operate, Cath Wohlers from Stop Loan Sharks said:

"I think loan sharks are bullies. And I think it's about greed. It's about ‘I feel like I have power over you, I feel like you are vulnerable in some way. I can lend you this money, and then that can be a hook and I can extort money out of you for as long as I want to serve my purpose and my means.’ And I think that's particularly nasty."

These reforms aim to give people access to alternative, fair credit options when they need them most, without fear or exploitation.

Building a financially resilient future

The strategy also highlights new plans to help domestic abuse survivors repair their credit scores, homeless people open bank accounts and families with no savings build financial stability - measures that together form a more inclusive financial landscape.

As Lucy Rigby put it, financial inclusion is “a bridge to opportunity and an engine for growth”. But as she also made clear, success depends on collaboration between government, financial institutions, charities and employers.