It is clear what is on offer from our financial system is not working for many ordinary people.
The Just Finance Foundation has a vision of a fair financial system and addresses the issues of financial exclusion, distress caused by unmanageable money worries and debt, and the lack of practical knowledge around budgeting, saving and spending.
Over the last 10 years, financial distress has become endemic in Britain. This is due to a combination of growing inequality and poverty, a banking sector dominated by large banks that are slow to adapt to contemporary lifestyles, and a long-standing culture of reluctance to talk about and manage money and lack of interventions to raise financial capability.
According to the FinCap (2018), 20.3 million people in the UK don’t feel confident managing their money. A further 11.5 million have less than £100 in savings and nearly nine million people are in serious debt, with only around a third receiving help.
This needs to change.
We work with a range of trusted and valued partners and funders, both locally and nationally, to enable a suite of best practice delivery and sustainable solutions.
Our aims
1
Increase the supply of fair and affordable finance and financial services, particularly for low-income households.
2
Build people's motivation, expertise and access to fair financial services.
3
Equip future generations to manage their money wisely.
4
Develop fair financial systems in local communities.
Collectively through these aims we want to improve the supply of relevant, affordable and responsible credit and financial services; increasing the motivation, ability and confidence of people, particularly those on low incomes, to manage their money and successfully navigate the financial world. Through the insight and understanding we gain from local communities, we want to inform and facilitate change in organisations, policy and regulation.
Our work helps people avoid and find ways out of financial distress by building their financial capability and providing relevant support and signposting to self-help and services. At the same time, we act to influence and reshape both national and local structures and systems to better reflect the needs and interests of low-income households.