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23.07.09

Tackling Financial Exclusion

Gower AM Edwina Hart has welcomed the launch of the new Welsh Assembly Government plan by Social Justice Minister, Dr Brian Gibbons AM, to help people across Wales. The Financial Inclusion Strategy for Wales “Taking Everyone into Account” deals with the economic downturn through co-ordinated action on debt and financial exclusion, which will include funding for credit unions across Wales.

Credit Unions play a crucial role in tackling financial exclusion and the Assembly Government is committed to providing universal coverage across Wales. European funding has been secured towards an all-Wales programme totalling £750,000 in the current year.

Edwina Hart AM said:

‘Credit Unions across Wales provide vital access to financial services for many disadvantaged people and communities and help to promote financial inclusion. Strengthening Credit Unions can help to combat door step loan sharks.’

The strategy will provide a consistent approach to be taken in five key areas: access to mainstream financial services; affordable credit and savings; access to money and debt advice; helping people to improve their financial skills and to maximise their income. It also builds on activity to improve financial literacy in schools, support the credit union movement, widens access to debt advisers and challenges illegal money-lending.