Credit Unions back Government’s “now let’s talk money” campaign

ABCUL – the Association of British Credit Unions, is backing the Government’s “now let’s talk money” campaign.

The Government has identified that a lack of access to financial advice, basic bank accounts, and low awareness of affordable sources of credit, is creating a group of financially excluded people.

The new campaign is designed to increase awareness of the products and services available to financially excluded consumers, and to encourage them to ask for help when they need it.

The campaign also aims to inform and encourage advisers on the ground to work together to co-ordinate provision, and to raise awareness of that provision, so that the needs of excluded people are met more effectively.

According to Mark Lyonette, Chief Executive of ABCUL, who was speaking at the launch, the campaign is an important step in helping people get the financial advice they need.

“The campaign will do much to raise awareness of the services already available in communities, and will use trusted organisations already active in communities to show people how to get the help they require.”

Many credit unions around the country have already built up invaluable links with groups in their local community. They work with SureStart schemes, set up collection points in day centres for people with mental health problems and build links with schools and with local employers. They work closely with Citizens Advice Bureaux and other money advice agencies and so are ideally placed to work with the Government to deliver this campaign.”

Financial exclusion imposes real costs on individuals, and on society as a whole. People without bank accounts pay more to access their cash, cannot take advantage of direct debit discounts for utilities, and find it hard to secure employment. Often a lack of access to affordable credit also means that people have to borrow from very high cost providers, or worse, illegal loan sharks.

“Credit unions offer a safe home for savings, affordable loans and free advice and information, and we’re proud to be working with the Government and other agencies to give all members of society the chance to benefit from accessible financial services.”