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G8 to discuss world debt while Scots lack basic financial
understanding.
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By Richard Green
[Hits: 16845]
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Last week saw the launch of Scotland¡¯s Financial InclusionForum, and with it requests were issued for local authorities,banks, and other financial institutions, to work together togenerate and share ideas to help people take control of theirown finances. Those attending the forum were asked to helpensure, ¡°that poverty is not exacerbated by lack of access tofinancial services¡±.
Deputy community minister, Johann Lamont, said: "It is simplyunacceptable that in Scotland there are areas where as many asone in five people have little or no experience of using thebasic financial services so many of us take for granted such asbank accounts and insurance.¡° "I expect banks, the localauthorities, housing associations, community planning partners,credit unions and other key players to work together to provideaccess to bank accounts and affordable credit; to make savingpossible and help people understand and manage their everydayfinances and ensure that information and advice are availablewhen people get into debt." The new initiative is intended toprovide ?10m in support over 2 years in an effort to help the 10local authorities with the worst problems to overcome theconcerns that prevent as many as one in five people in somelocalities opening a bank account or buying insurance.
With the amount of help already in the public arena from thelikes of Which? ( http://www.which.net/ ), and the growth infinancial comparison web sites like Moneynet (http://www.moneynet.co.uk ). This move should hopefully go someway to overcoming the fear and financial inertia experienced bymany people over their own personal finance.
Additional reference material from the Scottish Executive (http://www.scotland.gov.uk/News/Releases/2005/06/06103036 )
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