The Treasury Committee has launched a fresh inquiry into the government’s approach to financial inclusion, warning that efforts to widen access to financial services “must not be a box-ticking exercise”.

The inquiry will assess whether ministers understand the scale of financial exclusion across the UK and whether the government’s recently published Financial Inclusion Strategy sets out the right measures to tackle it.

Published at the start of November, the strategy sets out actions to strengthen financial resilience, including the rollout of compulsory financial education in primary schools in England and support to expand payroll savings alongside pension saving.

The government argued that payroll-linked savings – designed to sit alongside auto-enrolment rather than replace it – can help workers build both short- and long-term financial resilience.

In addition, it revealed plans to launch a National Coalition of Employers to drive awareness and adoption of workplace savings schemes.

However, MPs will consider whether current interventions, such as banking hubs, are delivering meaningful improvements or whether further action is needed.

The move follows the Committee’s earlier report on declining cash acceptance, which cautioned that inaction risked creating a “two-tier society” in which the most vulnerable consumers bear the brunt.

The new inquiry will also look at how the government and the private sector can better support those who struggle to access essential financial products and services.

Commenting on the launch of the inquiry, Treasury Committee chair, Dame Meg Hillier, stressed the need for a more ambitious, measurable approach.

“The government has set out its stall on improving financial inclusion in this country, so now the Committee will have a closer look at whether it’s likely to make a meaningful difference to people’s lives,” she said.

“Improving financial inclusion must not be a box-ticking exercise", she warned, adding that "words must lead to action."

The Treasury must have a strategic vision, supported by concrete, integrated plans with clear methods for measuring their impact, and they must work closely with the private sector on this. My Committee will work to ensure that happens,” concluded Hillier.

Written submissions to the inquiry are open until 12 January 2026.

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