Financial inclusion and social financialisation: Britain in a European context

Purpose – The article aims to discuss findings from a knowledge exchange review of financial inclusion in Britain and compare these to key features of financial exclusion evident from European analyses. Design/methodology/approach – This paper is based on an innovative knowledge exchange project. Rapid research reviews analysed evidence on financial exclusion in Britain in relation to access to banking services; to credit; to household insurance; personal savings and assets; money advice provision; and financial capability. The findings from these reviews were discussed by stakeholders representing the private, government, community and civil society sectors in a series of evidence review forums. The results of these discussions were summarised and reconsidered at a national knowledge exchange conference. Throughout the project, stakeholders exchange opinions about the state of financial exclusion knowledge through an online discussion forum. Findings – The research identified agreement among British stakeholders over several aspects of financial exclusion, in particular continuing problems of access to mainstream banking services for low income customers and a lack of appropriate and affordable credit provision. Areas of controversy included whether banks denied services to lower income customers or were withdrawing from deprived communities, and the necessity for further regulation of mainstream financial services. Originality/value – Comparing these findings to research from other European countries raises questions about how financial inclusion should be defined, and whether existing indicators capture this adequately across contrasting social, institutional and regulatory contexts. The research raises challenges for policy transfer between countries.