Financial Inclusion Deliberative Workshops

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Method(s) Used

Deliberative Workshops (Methods)

Name of person who posted the project:

Ali Howes

Location of project:

United Kingdom

Date when the project started:

2006

Date when the project ended/project ongoing:

2006

Background to project:

Many people, particularly those living on low incomes, cannot access mainstream financial products such as bank accounts and low cost loans. This financial exclusion imposes real costs on individuals and their families - often the most vulnerable people in our society.

The Government set out its strategy to tackle financial exclusion in its 2004 publication, 'Promoting Financial Inclusion'. It also established a framework for delivery, including a Financial Inclusion Taskforce.

Purpose of project:

Opinion Leader Research was commissioned by HM Treasury, on behalf of the Financial Inclusion Taskforce to develop a greater understanding of financial exclusion from the consumer perspective. In particular, the study was tasked with exploring the demand-side barriers to mainstream banking and to gain consumer views on how banking and credit services can be made more appropriate and accessible.

Project activities:

Four half day workshops were conducted in Newcastle, Glasgow and Leicester with 40 participants. Close to 30 people attended in South Wales with a supplementary extended focus group in Stoke-on-Trent with 10 people, which was needed to boost overall numbers after a lower than expected turnout in South Wales.

A mix of men and women were recruited according to quotas set to reflect the characteristics of the financially excluded.

Participants worked in groups to discuss their experiences and explore solutions. The research materials were designed using Easy Read stimulus to ensure they were accessible and engaging.

Keypad quantitative technology was used to gather views and feed these back instantaneously; this process helped to engender a sense of collaboration amongst people in the workshop.

Project results:

A report of the Financial Inclusion Deliberative Workshops was prepared for HM Treasury and the Financial Inclusion Taskforce by Opinion Leader Research in May 2006.

http://www.rarecorporate-web.co.uk/UserFiles/File/ol/pdf/Case%20Studies/Final%20Report.pdf

A number of barriers to financial inclusion were identified and a programme of initiatives have been designed to overcome them including:

Making people aware of the banking products they are eligible for;
Actively promoting the benefits of basic bank accounts;
Making it easier and assisting people to open the account;
Helping people to use them fully;
Ensuring product features meet their needs; and
Assisting them if they get into difficulty.

Specific initiatives have been identified in the areas of skills and knowledge:

Financial skills training: needs to be community based, particularly focused on opening and using an account, and to helping manage money and avoid/control debt;
Independent money advice: particularly related to helping solve financial difficulties, delivered by a community based advisor who understands the service userï¿½s predicament;
Simplifying information: plain English format, less text heavy; and
Support provided by financial providers: more time, understanding and empathy.

Contact details:

Monique Rotik
Opinion Leader Research
5th Floor, Holborn Gate, 330 High Holborn, London WC1V 7QG

http://www.opinionleader.co.uk/case-study.asp?pageid=330

Financial Inclusion Taskforce
http://www.financialinclusion-taskforce.org.uk/

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