Financial Inclusion

Healthy Places
Economic and Working Conditions
Housing
Employment and Skills
Poverty
Financial Wellbeing
Access to Justice
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Access to Digital Services
Financial Inclusion

introduction Introduction

Financial Wellbeing is about feeling secure and in control of your finances. It includes feeling you have enough money, that you can cope with an unexpected event and are confident dealing with money. Financial Inclusion helps people towards financial wellbeing by having access to services, like current accounts and debit cards, cash withdrawals, savings, pension and insurance products, and affordable sources of credit. Not everyone has equal access to financial services and some people’s options for managing their finances are restricted.

People with lower incomes; in self-employment or insecure work; experiencing health problems, disabilities or caring responsibilities, including childcare; living in more rural areas; with poor digital access, or literacy; from minoritised ethnicities or with poor credit ratings find that their financial options are limited. This can be caused by the criteria set by the industry for access to products and services. For example, having insecure or low income or a poor credit rating can mean many products are unavailable or more costly. Some rural communities lack access to cash and in person services because bank branches have closed, or internet access is poor. Other people struggle due to a lack of skills and knowledge around money, finance or using the internet, making it difficult to understand costs or find out about and access better options in an increasingly complex financial world.

The impacts of financial exclusion can be severe. Being unable to save or access credit acts as a barrier to meeting some essential needs such as furnishing a home, affording a rental deposit, or funding moving costs. Inability to access or manage direct debits or monthly payment plans can lead to higher charges for services like gas, electricity, or insurance meaning those on lower incomes often pay more. Having no savings to meet unexpected or larger expenses can lead to high-cost borrowing and unmanageable levels of debt. Scams, fraud and domestic financial abuse can also contribute to financial exclusion by eroding trust or restricting access to money having long term impacts on financial wellbeing.

Actions to improve financial inclusion include advice and information services which connect people to a range of assistance; improving access to affordable credit; emergency cash payments and grants for people on in crisis; banking hubs; support for credit unions; financial literacy training; help with access to the internet and digital services; advice on energy saving with help to access grants, and schemes to help with transport costs.

Our aim is to improve financial inclusion for everyone, focusing on those who are most likely to be experiencing multiple barriers.

why is it important to population health Why is it important to Population Health?

Financial exclusion is both a cause and a consequence of ill health. Poor physical or mental health at any time can lead to lower earnings throughout life. Living on a low income has negative effects on physical and mental health in multiple ways including:

  • Material. Low disposable income can mean not keeping the home warm enough or going without food or healthy food. It can lead to isolation and an inability to take part in social activities.
  • Psychosocial. Having limited choices is stressful and feeling that you have less than the people around you can have negative impacts on your health
  • Behavioural. Living with limited resources can lead to a less healthy lifestyle. Over recent years many people have been experiencing increased financial pressure during the cost-of-living crisis which has the greatest impact on the most disadvantaged, widening the health gap

the derbyshire population approach The Derbyshire Population Health Approach

The Derbyshire Population Health Approach focuses on prevention, population health, evidence-informed practices, causes, and collaboration. It emphasises proactive measures to prevent health issues, tailors interventions to specific populations, incorporates evidence-informed practices, addresses underlying causes, and promotes collaboration for effective action.

When considering the topic of financial inclusion within The Derbyshire Population Health Approach:

• Prevention Prevention

We work to tackle the causes of poverty and financial exclusion, though system leadership, evidence, and collaboration at multiple levels. We focus on strategies that ensure individuals and communities can access essential financial services and resources, working to counter financial exclusion, discrimination, and the negative health impacts associated with limited financial access. Preventative strategies include advocating for policies that promote equal access to financial services and resources for all.

• Population Population

A population-focused approach to financial inclusion recognises the diverse needs and challenges within Derbyshire communities. It involves understanding the financial disparities that exist among different population groups, including low-income individuals, minorities, underserved communities and those least able to effect change on their own. Derbyshire has an ageing population and measures to enhance financial inclusion recognise this. Tailoring interventions to address the specific financial inclusion needs of these populations is essential for promoting equitable access to financial resources.

• Evidence Evidence

The Public Health Approach to financial inclusion is informed by evidence-based practices and research which guides policies and interventions. This includes gathering evidence on the links between financial inclusion and health outcomes, economic stability, and overall wellbeing. Research, data and local insight combine to inform approaches to promoting financial inclusion and improving health outcomes at a local level, which are, in turn, evaluated for impact and learning.

• Causes Causes

Financial exclusion and ill-health each act as a potential cause of the other. Understanding the root causes of financial exclusion involves identifying factors such as low or insecure income, lack of access to banking services, financial illiteracy, and discriminatory practices that contribute to, and entrench, financial disparities. The underlying causes of financial exclusion can work together to keep people in hardship, for example low or insecure income reduces the ability to save and protect against financial shocks causing vulnerability to the need for high-cost lending

• Collaboration Collaboration

Harnessing the collective energy of in-house services, commissioned partners, and the wider system is vital for promoting financial inclusion as a population health priority. In Derbyshire, a network of locality based financial inclusion Groups brings together a wide range of partners from local government, voluntary and community sector organisations, advice partners, the Department for Work and Pensions, and foodbanks / pantries to consider local evidence, lived experience, and challenges and form agreed actions for local partnership responses.


latest derbyshire data Latest Derbyshire Data


Trend Data


Prevalence Maps of Derbyshire

The maps below illustrate Lower Super Output Areas (LSOAs) and Middle Super Output Areas (MSOAs) for Derbyshire. LSOAs and MSOAs are geographical divisions used for statistical purposes, allowing for more detailed analysis of local data. In these maps, you can explore various health indicators and data for Derbyshire, providing valuable insights into the area’s health and wellbeing.