Gypsy/Travellers and Financial Exclusion - An examination of Best Practice in the development of financial capability

The financial experience of the Gypsy/Traveller community is complex with high levels of money and debt problems, poor access to eligible benefits, and high costs of living compounding to make independent financial management challenging for the community.

This report highlights:

- The financial capability of the Gypsy/Traveller community is limited without support. Low financial literacy reduces understanding of financial documents and products. The community are resistant to engaging with external financial agencies and services including using banking facilities. Service users struggle to implement financial management techniques including budgeting and experience particular issues through digital exclusion.

- The financial resilience of the community is poor with low pay being compounded by resistance to borrowing and low levels of savings.

- The impact in later life of a culture of disengagement from education, resulting in financial exclusion and reduced ability to navigate the benefits system.

- The use of basic bank accounts solely for benefits limits access to wider banking benefits including using direct debits as a method of stabilising outgoings.

- There is lack of awareness in the community about how to manage the on-going Welfare Reform changes and professionals supporting the community are concerned over their ability to manage the impact of the changes.

- Expert advice and support is required to successfully improve the financial capability of the Gypsy/Traveller Community. This includes providing financial assessment, advice and advocacy and the building of service users personal capability.

- Building trust in the community is pivotal to improving financial capability. This level of trust can only be achieved through continuity of funding to allow the time required to break down barriers to engagement and gain community support for provision.