Challenges of Financial sustainability: exploring the concept of Financial citizenship

 

Lunch Time Discussion 

9th February 2017 – 12:30 – 13:30

Room B2, The Hemsley, University Park

Recovery in the decade since the financial crash has been slow; with most of the recovery being driven through an increased level of public consumption. However this consumer driven recovery has often been funded through borrowing. Private household debt in the UK is now at its highest level since the 2008 crash. Dr. Shaun French’s work focusses on a number of topics, such as; long term insurance sector, socially responsible investment and financial centres. At this talk Shaun will be discussing financial citizenship, a concept of a citizen’s responsibility in a ‘financial age’ as a challenge for current thinking surrounding financial sustainability.

At this talk he will also be discussing the concepts of financial ‘inclusion’ and ‘exclusion’. This will touch on the dangers of exclusion from the financial system for disadvantaged and lower income sections of society and how it accentuates their issues.

More locally, the fallout from the financial crash has led to an increase in the number of households that are ‘income deprived’ in Nottingham. Currently it is estimated that 25% of households in Nottingham come under this description having increased from 20% since 2008. Nottingham Credit Union is a private entity that has been providing affordable financial products to the people of Nottingham since 1992. They are affordable due to the structure of the business where the shareholders are also the customers and hence not constantly pushing for profit.

Ella Ferris is the general manager of Nottingham Credit Union and will be talking about the challenges they face as well as highlighting some of the methods they are using to combat peoples financial struggles. Nottingham credit union has saved its clients over £1 million in interest per year by offering lower interest rates and preventing them having to turn to door step lenders and loan sharks.

Please come along to this lunch time discussion to hear the current problems faced by the financial sector and what is being done about it.

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