Projects
The role of mutuality in financial services
One in five households has no current bank or building society account. Among the poorer socio-economic groups, the ratio is one in every two. A quarter of all households have no savings or investments whatsoever. London has lost 20% of its bank branches since 1990, and over a third of wards have no local access to one.
This pamphlet discusses the problems of low-income families in gaining access to financial services and whether mutual organisations can help meet their financial needs. The conclusion is that mutuals can help fill this gap - but to do so they must work in partnership with conventional financial organisations. A variety of case studies are presented and conclusions drawn for wider rollout.
The foreword to the pamphlet was written by Andrew Love MP, Chair of the All Party Building Societies Group. The contributors are Professor Udo Reifner (Institute for Financial Services, Hamburg), Professor Nigel Thrift (Bristol University), Pat Conaty (Aston Reinvestment Trust, Birmingham), Ed Mayo (New Economics Foundation) and Richard Newcombe (Director, Cambridge Housing Society). The pamphlet was edited by housing and development consultant Jenny Rossiter.