Glasgow's Healthier Future Forum 23

Money, debt and health

Debt and income insecurity have emerged as urgent public health challenges in recent years with implications for both mental and physical health. We know that financial need arises from a diverse set of drivers including low pay, rising living costs, insecure work and the implications of welfare reform. Many of those affected are unable to access mainstream financial products in times of additional need, relying instead on expensive, short-term unsecure forms of debt.

This forum highlighted the nature of this financial need as well showcasing some innovative approaches to credit and finance designed to better serve those experiencing income insecurity.

The event was chaired by Prof Cam Donaldson of Glasgow Caledonian University with speakers including Olga Biosca, of the Yunus Centre for Social Business and Health, also Glasgow Caledonian University. Her work on ‘FinWell: Fair credit, health and wellbeing’ has explored the relationship between financial management, use of fair microcredit and health outcomes of those living on the verge of financial exclusion in Glasgow. Faisel Rahman OBE, Founder and CEO of Fair Finance, presented learning from the development of a range of innovative financial products and services designed to better meet the needs of people excluded from mainstream financial services and products. We heard from GPs working at the Deep End about the day-to-day reality of dealing with the impacts. Sessions in the second part of the morning allowed discussion of what actions might be possible in Glasgow to enable better access to financial products, alleviate unpredictable fluctuations in income and promote health, wellbeing and life chances.