Despite London’s status as a hub of international finance, many of the capital’s citizens are struggling to access quality financial services. A new report from the London Assembly, called Shortchanged: the Financial Health of Londoners, urges the capital’s mayor to take steps to tackle financial exclusion as Londoners struggle under the growing weight of declining wages and increased living costs. Since the financial crisis, banks have pulled back from providing credit to less profitable people and businesses, with many becoming reliant on pay-day lenders. A lack of data is hampering efforts to fully understand the scale of the problem in the capital, and young people in particular are more exposed to economic uncertainty than previous generations and need education and advice to help them develop greater economic security, the report says. It recommends a number of transformative ideas to support the financial resilience of Londoners. It calls for an annual … (To read the full article, subscribe below)

Clare Goff

Clare Goff is former Editor of New Start magazine