Virgin Money’s Post

What does progress look like? This Deaf Awareness Week, I want to reflect on the progress that the financial services industry has made in tackling inaccessibility and exclusion of deaf and hard of hearing people in accessing banking. Progress is one idea, one conversation turning into many. Progress is one small roundtable in 2022 turning into two years of action. Progress is getting the support of UK Finance and its members. Progress is the 2023 publication by the The Lending Standards Board of a report highlighting the issues (https://lnkd.in/gZzghhBX) Progress is the support and commitment of the Gov Disability Minister. Progress is 1 firm, becoming two, becoming ten - committed to change. Progress is now 22 banks, building societies, fintechs, charities (and counting!); collaborating, sharing best practice, problem solving. Progress is one year on, another LSB publication out this week showing a positive trend across all metrics (https://lnkd.in/eVRir5aR) Progress is the launch of a brand new website www.signingbanks.uk by community interest company ESquared to provide valuable resources to help consumers and help firms. Progress is the creation of an expert advisory board including RNID, British Deaf Association, Royal Association for Deaf people, deafPLUS, Deafax & Signly. Progress is the support and sponsorship by Nationwide Building Society of www.SigningBanks.uk. Progress is not perfection. Progress is not the end. Thank you to the all the individuals and firms who have been with me on this journey. Breda Leyne, Dr Tim Pascoe, Anna Roughley, Rachel Vann, Reg Cobb, Mark Applin, Teri Devine, Dorothy Liviabella Image is taken from the launch event of the LSB report at Nationwide London HQ in May 2023; 100 people across financial services and deaf individuals/organisations attended. The firms in the industry group I chair: Allied Irish Bank (GB) Bank of Ireland Barclays UK & Barclaycard Capital One Co -Op Bank Limited. first direct HSBC JPMorgan Chase & Co. Lloyds Banking Group Metro Bank (UK) Monzo Bank Money Advice Trust NatWest Group NewDay Phoenix Group PRA Group (Nasdaq: PRAA) Sainsbury's Bank Santander UK Starling Bank StepChange Debt Charity Tesco Bank

Nearly three-quarters (73%) of disabled people delay contacting an essential services provider due to feeling daunted by the process. This has to change, which is why HSBC UK has joined forces with Experian and other partners to launch #ExperianSupportHub, a one-stop portal for consumers to share their support needs with multiple service providers. This means if you need your communications in braille or would like more time in face-to-face appointments, the services you use will be able to accommodate you. Support Hub is the culmination of more than three years' work between HSBC UK, Experian, the other founding partners and accessibility experts including lived experience experts and charities who were key to creating an accessible service. (Source: HSBC UK survey conducted by Opinium in July 2023, among 1,000 adults with support needs and 1,000 adults without support needs). #Inclusion #ExperianSupportHub #Accessibility https://grp.hsbc/6044uu3Qw

I feel very strongly about the lack of help for disabled and more vulnerable people who are struggling during the cost-of-living crisis. Check out this great article from Vicky Shaw in the Independent and Press Association, featuring great (and sobering) data from Creditspring. You can read the full report here: https://lnkd.in/efXh9JCf https://lnkd.in/epusQbU7

In our latest blog Kathryn Townsend, Head of Customer Vulnerability at Nationwide Building Society, and the Government’s Disability & Access Ambassador for the banking sector, explains how financial services can be made more accessible and outlines the steps Nationwide have taken to do that https://lnkd.in/eP-HSmnC #mutuals #accessibility

So great to see. We found similarly positive results using basic income for people experiencing homelessness in CA. Initial findings from our basic income Miracle Money experiment: https://lnkd.in/dBq42V_C.

#PracticeMgmt Friday - How can advisors better serve their #HighNetWorth #clients by addressing the human element of #wealth? Great #podcast by Matt Halloran of ProudMouth with his guest Tim Volk of T. Volk & Company - a financial consultant with experience working with ultra-high-net-worth families where he facilitates crucial conversations within families, addressing sensitive topics that many shy away from, including #inheritance concerns stemming from differing lifestyles, religious beliefs, #addiction, and #mentalhealth challenges. Tim discusses: - The often overlooked human element in #wealthmanagement, such as family dynamics, communication challenges, and sensitive topics like addiction and estrangement that impact financial well-being - How his consulting practice helps advisors navigate these sensitive #conversations and provide additional support to clients beyond traditional #financialplanning - The significance of storytelling in understanding family history, values, and dynamics, which can be crucial in wealth transitions and #legacyplanning - The importance of #advisors being equipped to handle sensitive conversations around LGBTQ+ issues and inclusion, promoting acceptance and understanding to support all families other key contacts: Kirk Lowe, CEO, Proudmouth Jessica Brown, Marketing Matt Halloran, Partner #financialservices #business #practicemanagement #engagement https://lnkd.in/e8dSCDJz

Today marks the 1st #ABLESavingsDay, organized by the National Association of State Treasurers to promote financial empowerment for people with disabilities. Read the latest column in Forbes by CEO Mary Morris about how ABLE accounts provide a pathway to financial security. https://lnkd.in/gkDQzFc7

New report from Creditspring reveals 59% of disabled people say living costs are making them feel financially unstable These figures highlight the stark reality of the continued impact the #CostOfLivingCrisis is having on disabled people. https://lnkd.in/epxDsUPf Disabled people face additional costs like like medication and equipment every day. The report also highlighted that 1 in 6 people had turned to high-cost loans to make ends meet. This can't continue; cold weather is around the corner, and we can't have another winter of people choosing between heating, eating, or running vital medical equipment. We need real, long-term, targeted support, for disabled people and their families to cope with this ongoing crisis

Building credit is crucial for financial independence, and adults with disabilities have many options. Here are some effective methods: 1. Secured Credit Cards: Start with a deposit, use the card responsibly, and build a positive credit history. 2. Credit-Builder Loans: Make small, manageable payments to help build your credit score over time. 3. Authorized User: Join a family member's credit card to practice using credit and build your credit history. Financial resources for people with disabilities include the National Disability Institute’s Financial Resilience Center and the CFPB’s financial empowerment tools. These resources can help manage money, create budgets, and reduce debt. Additionally, always rely on trusted sources within the disability community for financial education to avoid misinformation. Remember, financial inclusion means everyone, including people with disabilities, can manage their financial lives. For more insights into the banking and financial industry, follow BankQuality. Consumer Financial Protection Bureau #financialindependence #buildcredit #disabilityinclusion #bankquality #financialliteracy #creditbuilding #disabilityawareness #financialfreedom #inclusionmatters #accessiblefinance #disabilityrights #moneytips #financialempowerment #creditrepair #securecredit #nationaldisabilityinstitute #cfpb

It is our mission to help ALL people be #BetterWithMoney. And some are under even more financial pressure than others. For example, disabled households have additional costs and need to divert income to pay for specialist products and services, making them financially worse off. Scope outlines the disability price tag in this article. It is even more important to offer financial education to those in your organisation who are disabled. You can download our financial wellbeing services brochure from our website to see exactly how you can improve the financial resilience of everyone in your organisation. Link in the comments. #DisabilityPrideMonth #BetterWithMoney #FinancialEducation #FinancialWellbeing #FeelGoodFinances