Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential merits of funding pilot schemes in banking hubs to provide targeted financial education sessions for (a) women and (b) women at risk of economic abuse.

Banking hubs are a voluntary service which were developed by the financial services sector in the context of legislation to protect access to cash under the Financial Services and Markets Act 2023.

These hubs offer everyday counter services, allowing people and businesses to withdraw and deposit cash, pay bills and make balance enquiries. They also contain dedicated rooms where customers can see community bankers from their own bank to carry out wider banking services.

While banking hubs do not focus on providing financial education sessions, they do offer the opportunity for customers to disclose additional needs and discuss support in a private space with the community banker. This may include signposting to relevant money guidance or advice services.

The Government is committed to ensuring that people build financial capability and recognises that certain groups – including women and those at risk of economic abuse – may face specific barriers.

To support those facing such challenges, the Government is developing a Financial Inclusion Strategy, which will have a key focus on financial education and capability. Economic abuse is a cross-cutting theme of this strategy to ensure the needs of victim-survivors are considered across wider relevant interventions to support financially excluded people.