Thousands of people experiencing or at risk of homelessness will soon be able to open bank accounts for the first time, following the launch of the UK’s new Financial Inclusion Strategy.
The initiative, announced today, includes a pilot scheme between housing charity Shelter and five major banks—Lloyds, NatWest, Barclays, Nationwide, and Santander—to help individuals without a fixed address gain access to financial services.
The collaboration expands on Shelter’s existing partnership with HSBC, which has already enabled over 7,000 people to open bank accounts and rebuild their lives. For those without permanent housing, access to banking can be a major hurdle to finding employment or securing accommodation. The pilot aims to remove these obstacles, providing a foundation for people to re-enter work and achieve financial stability.
The Financial Inclusion Strategy outlines a national plan to make financial services accessible to everyone, from people facing homelessness and survivors of abuse to families with no savings and children learning about money management. It forms part of the government’s broader Plan for Change, which includes measures to support employment and economic resilience.
Economic Secretary to the Treasury Lucy Rigby said, “This plan is about opening doors – helping people experiencing homelessness into work, helping survivors of abuse rebuild their credit, and helping families save for a rainy day. No one should be locked out of the chance to build a better future. Our strategy gives people the tools to get on and boosts the economy by supporting more people back into work through our Plan for Change.”
Shelter head of corporate partnerships Lauren Thompson said, “Our Breaking the Cycle initiative is a vital step in providing essential financial support, housing advice, and resources to help people at risk of or experiencing homelessness. Every day at Shelter, we see the crippling financial pressures often faced by those hit the hardest by the housing emergency. Many are skipping meals just to cover rent, cutting back on essentials, and making impossible choices simply to stay afloat. Access to banking can help people receive financial support, pay bills, and find and keep a safe home. Through our partnership with HSBC UK, pioneers in this space, we’ve supported over 7,000 people experiencing homelessness or housing difficulties to open a bank account. Breaking the Cycle can help support people to regain control, build financial resilience, and rebuild their lives.”
HSBC UK head of retail banking and wealth Jose Carvalho said, “We are proud to have supported the creation of the Financial Inclusion Strategy, which will help people and families across the UK build financial resilience. We are committed to helping people and families improve their financial health. Through our partnership with Shelter and our No Fixed Address Account service, we have already supported thousands of people to gain access to banking services, helping them break the cycle of homelessness, build financial resilience, and rebuild their lives. This is a big step forward as the industry comes together to help as many people in need as possible.”
Beyond banking access, the Financial Inclusion Strategy includes initiatives with credit agencies to assist survivors of domestic abuse in repairing credit records damaged by economic control. It also supports the expansion of payroll savings schemes to encourage financial resilience, addressing the needs of the 10% of UK adults who currently have no savings.
Additionally, the strategy seeks to strengthen financial education in schools, equipping every primary school child with the knowledge to make informed money decisions. To maintain access to in-person banking, the government has pledged to back the rollout of 350 new banking hubs by the end of the current Parliament, with the 200th hub expected to open later this year.
Together, these measures form a comprehensive framework to reduce financial exclusion and strengthen economic security across the UK.
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