The Financial Inclusion Project has its origins in early 2003 when discussions with Leeds City Credit Union identified problems of high interest loans from doorstep lenders. Research was undertaken during 2004 which was finally published in December of that year. A full copy of the research (by chapter) and the executive summary can be viewed on this page.
The research included a residents survey of 410 households. The more deprived areas of the City were selected for the survey sample and neighbourhoods with high levels of benefit claimants were targeted. Interviewers were given quotas to ensure that the sample interviewed was reflective of the population in these areas in terms of gender and ethnic origin. Key stakeholders in the city were also interviewed
The survey found a low utilisation of bank accounts by residents. 40% of the sample said that they kept their savings in cash in a jar or relatives looked after it for them. Of those who borrowed, 15% used doorstep lenders. However, 38% of single parents who borrowed, used this source. A fifth of those who borrowed used the money to pay off other debts or for day to day living.
The research identified needs which came under three broad headings: affordable credit; more debt advice; and better financial literacy.
The underlying need was for services to be locally provided and integrated.
In order to ensure a long-term and sustainable commitment, political support was secured from across all the Council's main political parties.
A half day conference was held early in 2005 to disseminate the research findings. The conference was attended by a broad cross section of partners and this raised the profile of the work and helped to consolidate and further develop the recommendations arising from the research.
Research documents available
- Financial exclusion: exec summary
- Financial exclusion: full report
- Financial exclusion: individual chapters of full report
- Exclusion to Inclusion seminar report
Links to other project pages