Financial Inclusion: Young People

Rosie Wrighting Excerpts

Tuesday 30th June 2026 Westminster Hall

[Josh Dean]

I could not agree more about the importance of financial education for young people, which I will come to in my speech.

We can already see how those overlapping pressures exacerbate a young person’s financial insecurity. Insurance is another area where they are left facing vulnerability to financial shocks that they are already ill-equipped to absorb. I was shocked to learn that 18 to 24-year-olds are significantly less likely to hold contents insurance, even though they are more likely to experience flood damage, escape of water, fire damage, burglary and theft. That is especially true when they live in rented accommodation, which many young adults do.

I want to draw particular attention to the cost of motor insurance. Young people often make significant personal investments in driving lessons, to make it easier to get to work or education, only to find they cannot access affordable insurance when they pass their test. That directly impacts their ability to access work, training and other opportunities, especially in semi-rural communities such as the one that I represent, and it highlights how young people can face financial exclusion even when they are doing everything right.

Too often, young people are entering adulthood without the tools, confidence or support networks that they need to navigate increasingly complex financial decisions.

[Rosie Wrighting (Kettering) (Lab)]

My hon. Friend is an incredible advocate for young people in his constituency, but also across the country. What is his opinion of a lot of young people getting financial education from social media or AI chatbots? The Government need to regulate that but also, ahead of the social media ban, ensure that we are bringing financial education into schools and other real-life forums, so that young people do not miss out.

[Josh Dean]

I could not agree more about the importance of regulating access to financial information across social media and AI, which is an emerging challenge. Embedding financial education in school is so important, particularly ahead of the social media ban, which my hon. Friend mentions.

Research has shown that young people have the lowest confidence in managing their money. The latest MoneyView survey from the Money and Pensions Service found that although 41% of adults lack confidence managing money, the figure rises to 63% for 18 to 24-year-olds. That is the highest for any age group.

I welcome measures in the financial inclusion strategy to embed financial education in the primary school curriculum, helping children to develop healthy attitudes towards money at the earliest stage, but there is a need to go further. A report in 2025 by the London Foundation for Banking & Finance highlighted a significant gap in financial education provision. Financial capability programmes are concentrated in primary schools, the early years of secondary school and workplaces. There is comparatively little structured support for young people aged 16 to 24 as they transition to financial independence. That is one of the most financially vulnerable periods in a young person’s life. They have to navigate leaving school, entering work or going to university, and living independently for the first time.

Particularly as students, young people are vulnerable to developing bad financial habits, experiencing a financial crisis or falling into debt. They are often having to balance their education with work. If a financial crisis hits, they face the prospect of sacrificing more of their education to pay down debt, with a potential impact on their future life chances. These significant moments in a young person’s life are when small mistakes and unexpected costs can quickly escalate. Early support in this transition period is critical to prevent longer-term financial problems.

All this takes place in a rapidly evolving digital landscape. Young adults are adopting AI tools faster than older generations, which is providing them with opportunities for more accessible guidance, but leaving them at risk of exposure to inaccurate information, scams and poor or misleading financial recommendations. MoneySuperMarket’s latest Money Talks research with the Campaign Against Living Miserably found that 44% of 18 to 34-year-olds are turning to generative AI as a private space to express their money worries. That is almost half of young people who are being exposed to unregulated financial advice.

Financial exclusion does not only increase economic inequality between those who have savings, access to financial education and good support networks, and those who do not; it also has a significant impact on young people’s mental health. Financial anxiety is no longer associated just with moments of crisis. For many, it has become a daily occurrence. Research from MoneySuperMarket, CALM and UM showed that one in two young adults is in debt, one in four young people has used a food bank in the past year and, more than social media, body image or relationships, money is the topic causing young people the most worry right now. Young adults are 77% more likely to have experienced suicidal thoughts because of issues with money or money worries than the wider adult population. One in 10 young adults with debt will have had suicidal thoughts in the past 12 months because of worries about making repayments.

There is a profound link between financial difficulties and poor mental health. It is often cyclical, with financial stress leading to more mental health challenges, and poorer mental health making financial management harder. We must recognise that relationship and how financial insecurity and exclusion are leaving young people lacking agency in our society and without hope. Beyond arguments about economic growth and inactivity, this alone should spur us on to do better.

What might solutions to the barriers I have set out look like, and where might we be able to go further? First, on credit visibility, small sum lending can support young people with thin or non-existent credit files to establish their financial identity, and therefore access affordable financial products. For example, Fair4All Finance is piloting small sum lending in partnership with Monzo, and I would be keen to hear the Minister’s reflections on the role of small sum lending in that area. What further action can the Government can take alongside regulators to support young people to establish a financial track record?

Secondly, on insurance affordability the interim findings of the recent Milburn review highlighted the stark challenge of 1 million young people who are not in education, employment or training. I know the Government are committed to tackling the high number of NEETs, but I would be grateful if the Minister would set out what work is being undertaken with regulators and industry to improve access to affordable motor insurance for young drivers, and to tackle the prohibitive costs restricting their access to work and education, leaving them financially excluded. Modelling from WPI Economics has found that improvement in that area could increase the UK’s GDP by £369 million annually through increased employment and participation in the labour market—there is an economic opportunity here.

Thirdly, will the Minister reflect on how the Government can expand financial education and support in that critical period of transition for 16 to 24-year-olds, and share what consideration she has given to the growing influence of AI on financial decision making? Finally, on financial wellbeing and mental health, will the Minister commit to working across Departments to ensure that financial resilience forms part of the Government’s wider approach to supporting young people’s mental health and wellbeing?

If we want to grow the economy, tackle the NEET challenge and improve young people’s mental health and wellbeing, we must ensure that they are not excluded from the financial system that underpins modern life. Real financial inclusion must mean that every young person can build a secure and sustainable financial future. A young adult who can save, build a credit history, access affordable insurance and make informed decisions about their finances is more likely to succeed in work, education and life. They will feel that they have agency in our society, and they will have hope for the future.

Spring Forecast

Rosie Wrighting Excerpts

Tuesday 3rd March 2026 Commons Chamber

[Rachel Reeves]

That is just completely wrong. What the OBR says today is that people will be £1,000 a year better off by the end of the forecast period and that GDP per capita will increase by 5.6% after having fallen under the previous Government. Yes, productivity growth was revised down at the Budget, because of the policies of the previous Government. It has not been revised today.

[Rosie Wrighting (Kettering) (Lab)]

I was a young person while the Tories were in power, and the reality is that they locked my generation out of home ownership, living standards were worse than those of our parents, and the public services we relied on growing up were cut because of decisions made by their Government. I remember the mini-Budget, which meant that I saw interest rates on my student loan rise—a student loan that is so high because of the plan introduced by the coalition Government and because they changed maintenance grants to loans. Does my right hon. Friend agree that only the Labour party can change this country for young people, who finally have a Government that will match their ambition?

[Rachel Reeves]

When I visited Kettering with my hon. Friend recently, it was just ahead of the capital investment in new SEND provision in her constituency, so that more young people—some of the most vulnerable—can be educated locally in Kettering, with better outcomes for them.

On student finances, the last Government lost control of inflation, and, of course, student loans under plan 2 and other schemes are linked to inflation. Because we have reduced inflation, we will be reducing how much interest people pay on their student loans. That is the best way to help them.

Spring Statement

Rosie Wrighting Excerpts

Wednesday 26th March 2025 Commons Chamber

[Rachel Reeves]

What a great pitch! I am sure that one of the Ministers from the Ministry of Defence will be pleased to meet the hon. Gentleman to discuss those opportunities. As we move to 2.5% of GDP spent on defence and 3% in the next Parliament, I am determined that that money benefits our troops in the UK but also supports us becoming a defence industrial superpower. I am sure that we can work with the hon. Gentleman to realise those ambitions for Huntingdon.

[Rosie Wrighting (Kettering) (Lab)]

The Conservatives left a £22 billion hole in our public finances and they continue to oppose every decision made by the Chancellor to clean up their mess. Can the Chancellor tell us how things would look now if the Conservatives had their way?

[Rachel Reeves]

What it would mean for people in Kettering and around the country if we had continued under the plans of the previous Government is that interest rates would have remained high, inflation would have remained high and growth would continue to flatline, whereas the OBR today has forecast that real household disposable incomes will rise, growth will be higher and living standards will be higher because we have returned stability to the economy and we are backing the builders, not the blockers. [Interruption.]

Budget Responsibility Bill

Rosie Wrighting Excerpts

2nd reading
Tuesday 30th July 2024 Commons Chamber

[Rosie Wrighting (Kettering) (Lab)]

I congratulate you, Madam Deputy Speaker, on your elevation.

It is a privilege to follow such amazing maiden speeches this afternoon, including from the hon. Member for Ynys Môn (Llinos Medi), whom I admire for taking women along her journey with her. I had the privilege of meeting the hon. Member for Maidenhead (Mr Reynolds) last week; it is an honour to share this House with other young Members on both sides. I share the concern of my hon. Friend the Member for West Ham and Beckton (James Asser) about the pollution in our rivers and thank him for bringing that issue to the House.

Nothing prepares you for the pride you feel representing the area that you were born and raised in, and the pride that I feel addressing this House as the Member for Kett’ring—or, for those who are not from there, Kettering. I pay tribute to my predecessor, Philip Hollobone. Philip was an assiduous Parliamentarian who attended this House as often as possible and spoke here frequently to raise issues of concern to the people of Kettering. Despite our political differences, Philip has shown me kindness in recent weeks.

On the line of Philips who have represented Kettering, I also thank Phil Sawford, Kettering’s last Labour Member, who made his maiden speech in this House on 28 July 1997—coincidentally, also the day I was born. Phil’s impact as a Labour MP in Kettering was evident throughout the campaign, as his work was referenced on countless doorsteps.

I owe a continued debt of gratitude to the Sawford family. Andy Sawford, the former Member for the Corby constituency—parts of which have moved into the Kettering constituency, with Little Stanion, Cottingham and Middleton—played a crucial role in the campaign. During his time in this House, he ensured that north Northamptonshire’s voice was heard. He provided me with guidance and an unwavering belief from the outset that we could bring the necessary change for Kettering.

The Kettering constituency is located in the heart of England, although I am not sure it is as sunny as some of the constituencies represented here. It is home to natural beauty, from the Weekley Hall wood to the River Nene, and the people of Kettering have achieved amazing things, such as establishing the local wellbeing cafe Johnny’s Happy Place, and hosting a cheerleading team that has won world titles. And we even have James Acaster.

Kettering is proud of its stamp on history. The town played a significant role in the abolitionist movement, particularly through the efforts of William Knibb, an influential critic of slavery. Kettering has a rich arts heritage, with notable figures such as novelist J. L. Carr and painter Alfred East. The constituents of Kettering are pleased by and grateful for the contributions of Dame Sarah Gilbert, a scientist born in Kettering who played a key role in developing the first vaccine during the pandemic.

Kettering is known for its industrial links to shoe and boot manufacturing, so it is no wonder that I went on to have a career in the fashion industry. There are semi-rural areas, and the urban town of Kettering alongside the smaller towns of Rothwell—more commonly known as Rowell—and Desborough, which is known for its co-operative heritage and is home to the last shoe and boot manufacturer, Cheaney. Burton Latimer is where Weetabix are made—the scent of Weetabix can often be smelled in the air. My own village, Geddington, is famous for its historic Queen Eleanor cross and its strong sense of community. We have unique communities across the towns and villages in the constituency. You may not have been to Kettering, but you most likely have sat on a swing made by Wicksteed. Members on this side of the House have almost certainly distributed leaflets that were printed in the constituency in recent months.

Growing up in Kettering had its challenges, despite all the good things it offered. I was raised in a single-parent family. My mum, who is a local youth worker, made significant sacrifices to demonstrate to me and my brother Joe that, despite the odds being against us at times, we could still strive for great things if we wanted to. Today, I come into this Chamber as the youngest woman here—a young woman who has not come from privilege and the first woman to represent Kettering.

Under the last Government, my generation faced significant hardships. There is a lot of talk about gen Z, but many in my generation have had challenging experiences, such as education being moved to our living rooms; growing up on social media and experiencing the dark place that it can be, especially during the campaign; fear of a climate crisis in our lifetime; renting in insecure housing, with the idea of home ownership only a distant dream; and trying to build a career in the midst of a cost of living crisis. It is this that has led to my generation’s trust in politicians being so low.

I am here today having campaigned and joined the Labour party because I believe in the upcoming change, not just for my generation but for all generations. In my constituency, the need for change could not be more apparent. The maternity ward of Kettering general hospital, where I was born eight weeks early and cared for as a premature baby, now has RAAC—reinforced autoclaved aerated concrete—and a floor is closed off. After unfunded promises of a new hospital from the previous Government, I will fight for the people of Kettering to get the healthcare they deserve.

Kettering currently has the highest crime rates in Northamptonshire. Predominantly, violent and sexual offences are reported. But with Labour, we can see a shift towards community policing and increased support for youth services, to prevent young people from taking part in county line gangs. I know that every day in my constituency people are struggling with the cost of living crisis. That is why this Bill is so important. We must work to get a stable economy and lower energy bills with the launch of Great British Energy.

I will never forget the trust that people across the Kettering constituency have put in me. Kettering, a community with vast potential, requires a supportive Government to achieve incredible things, and that is what it now has. Thank you for the warm welcome, Madam Deputy Speaker, from the House staff and MPs on both sides. I intend to work hard here in Parliament and in my constituency for all the residents of the towns and villages. I look forward to the honour of representing Kettering in the years ahead.

[Madam Deputy Speaker (Ms Ghani)]

The hon. Lady may be the youngest woman here but she definitely packs a punch.

Members, please refrain from using “you” or “your”, because you are talking through the Chair and I do not think you mean me.