A financially healthy nation is good for individuals, communities, businesses and the economy. However, with an estimated 14.3 million people in poverty in the UK, 50% of adults being financially vulnerable, and a large wealth gap affecting Britain’s BAME communities, there is significant work to be done to help establish Britain as a financially healthy nation. The current Covid-19 crisis has magnified and worsened many of the key issues people living in poverty or financial instability face.
We are looking for innovative ideas and dynamic new financial products and services that respond to the key changes and needs of contemporary society, and in particular, those who are ‘underbanked’ or living in ‘in-work’ poverty. How can we help create sustainable prosperity, and prevent society’s most vulnerable people from becoming marginalised from mainstream financial systems?
Conversely how can the growth of online networks and technology be utilised to create ‘fin-tech’ products and services that target marginalised groups or individuals currently excluded from mainstream financial structures?
Ingenuity has developed a set of optional sub-Challenges with some of the UK’s leading charities and think tanks. The winning ideas will receive mentoring from senior experts at the charities.
Through the initial application process, you’ll have the opportunity to understand more about these Challenges.
Crisis are looking to support new solutions that can help end homelessness by:
Groundwork is looking to support new solutions that can build community resilience by:
You will also have the option to address a specific issue of your choice once you’ve signed up.
Once you sign up, you’ll be given access to the Develop Platform which will provide you with a range of insights and themes related to your chosen Challenge.