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Government is playing a bigger part than ever in promoting financial inclusion.

Government Initiatives & Policy

Transact monitors government activity on financial inclusion and keeps members up-to-date with the latest government policies and initiatives.

Child Trust Fund - The Government has recently announced that from next year the Child Trust Fund is to be scrapped and from August 1st this year payments will be reduced. Currently all parents of new born children are issued with a minimum of £250 in vouchers to invest for their children as well as receiving a top-up payment when the child is seven. Any Child Trust Funds which already exist will continue as normal with the money being available to the young person once they reach the age of 18 – although no top-up payments will be made once children reach 7. Accounts will continue to be exempt from tax and family and friends will be able to invest up to £1,200 every year.

Financial Inclusion Champions - This initiative builds on the Now Let's Talk Money campaign which was delivered by the Department for Work and Pensions. Champions based across the UK work in partnership with local government and other stakeholders to promote and deliver financial inclusion work locally. Click here for more information

Moneymadeclear - Following on from the Money Guidance Pathfinder which saw Money Guidance reaching 500,00 people across the Northeast and Northwest of England scheme is now being rolled out nationwide. For more information click here.

Moneymadeclear Money Guidance is also available over the phone on 0300 500 5000. The Moneymadeclear website also provides a wide range of information on money matters online. Click here to visit the website.

Review of the Social Fund - the consultation on the Social Fund has now closed. See Transact's Policy work for more information.