G8 to discuss world debt while Scots lack basic financial understanding.

Last week saw the launch of Scotland’s Financial Inclusion
Forum, and with it requests were issued for local authorities,
banks, and other financial institutions, to work together to
generate and share ideas to help people take control of their
own finances. Those attending the forum were asked to help
ensure, “that poverty is not exacerbated by lack of access to
financial services”.

Deputy community minister, Johann Lamont, said: "It is simply
unacceptable that in Scotland there are areas where as many as
one in five people have little or no experience of using the
basic financial services so many of us take for granted such as
bank accounts and insurance.“ "I expect banks, the local
authorities, housing associations, community planning partners,
credit unions and other key players to work together to provide
access to bank accounts and affordable credit; to make saving
possible and help people understand and manage their everyday
finances and ensure that information and advice are available
when people get into debt." The new initiative is intended to
provide £10m in support over 2 years in an effort to help the 10
local authorities with the worst problems to overcome the
concerns that prevent as many as one in five people in some
localities opening a bank account or buying insurance. 

With the amount of help already in the public arena from the
likes of Which? ( http://www.which.net/ ), and the growth in
financial comparison web sites like Moneynet (
http://www.moneynet.co.uk ). This move should hopefully go some
way to overcoming the fear and financial inertia experienced by
many people over their own personal finance.

Additional reference material from the Scottish Executive (
http://www.scotland.gov.uk/News/Releases/2005/06/06103036 )