WIDENING ACCESS TO SAVINGS AND CREDIT

A lack of access to savings & credit is one of the major barriers to opportunity.

However talented a person is, being trapped in debt or being unable to access capital massively hinders access to opportunity. Whether it’s being able to afford day to day essentials and housing or putting money aside to have a decent retirement, managing money and getting good advice and skills to do so can make all the difference in people being able to make the most of their potential. So often, investing in yourself and climbing the ladder of opportunity means access to cash and capital. Those with it can, those without it can’t and that’s why Goal 7 matters.

Measures:

• % of people saving into a workplace pension (Financial Lives Survey, Financial Conduct Authority) 

• Number of people with a bank account (Financial Lives Survey, FCA)

• Adults who expect to struggle financially within the next six months (Financial Lives Survey, FCA)

• Number of people with less than £100 in savings (The Money and Pensions Service)

• Number of people in serious debt (The Money and Pensions Service).

These measures have been developed by the Purpose Coalition and in consultation with the Office for National Statistics.