Financial Services for People on Low Incomes

Financial exclusion represents a situation in which people have no access to, and so no usage of, mainstream financial services in ways appropriate to their needs. It is characterised by not just by a lack of affordable credit and savings but by having no bank account, no assets, no access to money advice and no insurance.  An effective response must address each element of financial exclusion in a co-ordinated, strategic and holistic manner.  The following research reports explore the issues of overindebtedness and of access to credit on a low income and identify ways in which appropriate financial services can be developed for people on low incomes.  

Research reports

1.  Jones P.A.(2001), Access to Credit on a Low Income, a study into how people on low incomes in Liverpool access and use consumer credit. The Co-operative Bank.
Full Report       
Excecutive Summary

2.  Jones P.A.(2003), Credit Unions and Loan Guarantee Schemes. Barclays, London.
Executive Summary 

3.  Jones P.A. and Barnes T. (2005), Would You Credit It – people telling stories about credit. The Co-operative Bank, Manchester
Full Report

4.  Ellison A., Whyley C., Forster R., and Jones P.A., (2011) Credit and Low-income Consumers: A demand-side
perspective on the issues for consumer protection. Friends Provident Foundation  (also available on the Friends Provident Foundation website)
Full Report
Executive Summary

Research paper

1.  Jones. P.A., The Alternative Credit Market: Access to Credit on a Low Income. Chapter 6 in How People on Low Incomes Manage their Finances. Economic and Social Research Council. ISBN 2002 0-86226-289-5