With increasing numbers of people in the UK who are financially excluded, it has never been easier to become trapped in spiralling debt. That is what financial inclusion means, and why it is crucial that it is increased.
What is Financial Inclusion?
In the UK, 1 in 4 families are now classed as low income. Typically, low income families struggle to obtain finance and, when they are successful, they are generally charged more in interest. Services such as utility bills are higher also, with charges being added for payment schemes etc. All of these factors contribute to keeping these families in poverty.
People with high household incomes, who own expensive property and luxury goods, have no problem accessing good credit - they have access to lenders who offer them cheaper credit, because they have more to give back should they default.
How we can help
Here at LOVE 2 finance, financial inclusion is vitally important to us, not only because our sister charity LOVE learning supports young people and families on the poverty line, but because we firmly believe if children and families are taught and supported to increase their knowledge of financial inclusion, they are much more likely to get out of poverty and better their home life.
We offer support and training to schools, families and individuals who want to increase their knowledge and control their finances better.
LOVE 2 finance is the trading name of Which Mortgages Ltd.
Love 2 Finance Ltd, Suite 25, St James Retail Park, East Kilbride, G74 5QD, is a company limited by shares.
Our companies house number is SC492444. We are authorised and regulated by the Financial Conduct Authority.
Our FCA number is 301962. The FCA does not regulate most Buy to Let mortgages.