- Victims of domestic abuse will have unfair credit score damage addressed so they can rebuild their lives.
- The government is launching a new Financial Inclusion Strategy which will boost access to savings, credit and financial education for those most at risk of being left behind.
Thousands of people at risk of experiencing homelessness will be able to open bank accounts for the first time through a new pilot between Shelter and five major banks. this will allow Shelter to support people without a fixed address, removing a major barrier to paid work.
Lloyds, NatWest, Barclays, Nationwide and Santander are expanding on shelter’s partnership with HSBC, which has already helped over 7,000 people get back on their feet.
For people without a fixed address, opening a bank account can feel unfeasible.yet, without one, finding a job or a home is even harder. This new partnership removes those barriers and gives people a fair chance to rebuild their lives.
this support is along with the new digital pass being developed,which will give people a free and easy way to prove their identity.
The pilot is part of the new Financial Inclusion Strategy, launched today, which sets out a national plan to make financial services work for everyone – from people experiencing homelessness and survivors of abuse to families with no savings and children learning about money for the first time.
Economic Secretary to the Treasury Lucy Rigby said:
This plan is about opening doors – helping people experiencing homelessness into work, helping survivors of abuse rebuild their credit, and helping families save for a rainy day.
No one should be locked out of the chance to build a better future. Our strategy gives people the tools to get on and boosts the economy by supporting more people back into work through our Plan for Change.
Lauren Thompson, Head of corporate Partnerships at Shelter, said:
Our Breaking the Cycle initiative is a vital step in providing essential financial support, housing advice, and resources to help people at risk of or experiencing homelessness.
every day at Shelter, we see the crippling financial pressures often faced by those hit the hardest by the housing emergency. Many are skipping meals just to cover rent, cutting back on essentials, and making impossible choices simply to stay afloat. Access to banking can help people receive financial support, pay bills, and find and keep a safe home. Through our partnership with HSBC UK, pioneers in this space, we’ve supported over 7,000 people experiencing homelessness or housing difficulties to open a bank account. breaking the Cycle can help support people to regain control,build financial resilience,and rebuild their lives.
Jose Carvahlo, Head of Retail Banking and Wealth,