We want to help our residents manage their financial affairs. We have a financial inclusion policy and a financial inclusion strategy that sets out our approach to promoting financial inclusion; tackling financial exclusion and enhancing the financial capability of our residents.
Our financial inclusion policy
We recognise that many of our residents may be affected by financial exclusion, and that this can have a detrimental impact on day-to-day living and quality of life. We are committed to promoting financial inclusion, tackling financial exclusion and enhancing the financial capability of our residents.
“Financial exclusion” describes the position faced by those who are unable to access mainstream financial products, such as a bank account, savings, insurance or affordable credit.
“Financial inclusion is a state in which all people have access to appropriate, desired financial products and services in order to manage their money effectively. It is achieved by financial literacy and financial capability on the part of the consumer, and financial access on the part of product, services and suppliers” (Transact 2007).
Financial exclusion is likely to be linked to a lack of financial capability. Being financially capable means being able to make ends meet; keep track of personal finances; plan ahead financially; make informed choices about financial products; and stay informed about financial matters.