Project Intro

Financial exclusion means that people do not have access to affordable financial products or banking facilities, nor do they have the knowledge or capacity to make informed financial decisions allowing them to manage their money effectively.  The financially excluded typically consist of the most vulnerable groups in society, such as those in receipt of benefits and those with low incomes.

Families in disadvantaged communities experiencing restricted access to mainstream and affordable financial products rely on lenders who charge inflated interest rates. The cost of this source of credit for those in low-income establishes a spiral of debt from which is impossible to escape, preventing them from meeting the cost of essential items or addressing priority bills.

Scottish Financial Inclusion Services was developed in recognition of the detrimental long term effects of financial exclusion and problem debt on families and the  community as a whole.  SFIS provides an opportunity to escape the problem and avoid further problems that debt can cause i.e. bankruptcy and eviction.

    •1.5 million households in  the UK have no access to a bank or building society account.

    •8.3  million people (1 in 5 adults) can't access credit from banks, building societies and    financial houses.