Financial exclusion of the poor to be discussed

Tue, 11 Sep 2007

The financial state of the poorest people in society will be discussed by experts from the financial services industry, it has been announced.

A fringe meeting will be held by the Association of British Credit Unions to address the impact of financial exclusion on the poorest sections of society, which could be good news to those who are struggling to get a mortgage .

Chief executive of the association Mark Lyonette comments that the volatility of the stock market and how it has impacted upon the poorer member of society will be explored.

"This sort of co-operation is vital if the credit union movement is to be able to provide a socially responsible alternative to high cost lenders at a scale which will have a significant impact on financial exclusion in the UK," he remarks.

Mr Lyonette will speak at the conference, which will also look to discuss the possibility of a not-for-profit home credit model.

Yesterday, it was discovered that low income families save a larger proportion of the income into Child Trust Funds than wealthier parents.

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