Decision details

8.1

The Chief Executive submitted a report presenting for approval a new Financial Inclusion strategy and Action Plan for Sheffield, setting out how the Council and its partners intend to tackle financial exclusion and over-indebtedness in the City.

8.2

RESOLVED: That Cabinet:-

(a)

approves the document ‘A Financially Inclusive City’ attached to the report as a statement of the Council’s strategic approach to financial inclusion;

(b)

approves the accompanying Financial Inclusion Action Plan;

(c)

delegates authority to the Director of Policy, Performance and Communications to make amendments to the Action Plan consistent with the principles set out in ‘A Financially Inclusive City’ if necessary on the basis of further development and consultation with stakeholders;

(d)

requests that the Chief Executive provides a report to the Cabinet Member for Community Services and Libraries on the effectiveness of the Council’s discretionary hardship funds in providing support to those experiencing financial crisis; and

(e)

notes that the implementation of any of the proposed actions may be subject to further decision making in accordance with the Leader’s Scheme of Delegation.

8.3

Reasons for Decision

8.3.1

The introduction of a financial inclusion strategy and action plan will provide the city with an opportunity to build on the excellent work that is already being done to improve financial wellbeing of its residents. The approaches set out here will: ensure that frontline workers are equipped to ask and answer effectively questions about financial issues; support Sheffield Citizens Advice to provide welfare and debt advice where it is needed most; encourage people to save regularly by promoting straightforward products at the beginning of tenancies; ensure that the right kind of self-help information is available for those at major life events such as relationship breakdown or cancer diagnosis to prevent them from going into financial crisis; and embed Financial Inclusion within our City’s strategic approach to fairness and tackling poverty.

8.4

Alternatives Considered and Rejected

8.4.1

The ‘As-is’ option: no new strategy for financial inclusion put in place in the city. Much of the valuable work which takes place in the city supporting people with their financial wellbeing would continue. However, the new opportunities for working together to raise awareness of financial inclusion and target support effectively would be lost, as would the potential to embed financial inclusion more strongly within our city approaches to fairness and tackling poverty.

8.5

Any Interest Declared or Dispensation Granted

None

8.6

Reason for Exemption if Public/Press Excluded During Consideration

None

8.7

Respective Director Responsible for Implementation

John Mothersole, Chief Executive

8.8

Relevant Scrutiny and Policy Development Committee If Decision Called In

Economic and Environmental Wellbeing