Agenda item

8.1

The Committee received a report of the Director of Policy, Performance and Communications on Financial Inclusion.  This was supported by a presentation given by Cat Arnold, (Policy and Improvement Officer), which provided an outline of early thinking on the development of a new financial inclusion strategy for Sheffield and a brief overview of the evidence for financial exclusion and a potential framework for building greater financial resilience.

8.2

Also in attendance for this item was Maxine Stavrianakos (Head of Neighbourhood Intervention and Tenant Support).

8.3

Cat Arnold took the Committee through the circulated presentation, making reference to what Financial Inclusion was, the drafting of the Financial Inclusion Strategy, what was being done locally and nationally, understanding financial inclusion in the UK and Sheffield, the plan for a financially inclusive City and aspects under consideration.

8.4

Members made various comments and asked a number of questions, to which responses were provided as follows:-

·                     People don’t tend to trust the Council or private landlords and would rather struggle than approach anyone for help, and there was a need, possibly through financial education in schools, to prepare people as to what they might face as adults.

·                     The vision for the Financial Inclusion Strategy was that financial inclusion was a continuum which helped in considering how financially resilient individuals or households were in order to understand the different challenges people face and the type of support needed to become financially included.

·                     The Council and the CAB offered advice on ways of getting the best deals from the utility companies.

·                     Grants were available to enable people to purchase white goods and this information was available by phone or on the Council’s website.  The voluntary sector also offers support, as do some social landlords.

8.5

RESOLVED: That the Committee noted the presentation and thanked Cat Arnold for her attendance.