There is still a need to create access to affordable and appropriate financial services for people in the UK, a senior researcher at the Research Unit for Financial Inclusion at Liverpool John Moores University has stated.

Speaking at the Northern Money Conference 2010 at the Contemporary Urban Centre in Liverpool on March 1st 2010, Paul A Jones said there have been many advances recently in the financial inclusion sector, but more needs to be done.

Developments so far have included the rapid expansion of debt advice throughout the country, the development of the savings agenda and of financial education for all, Mr Jones explained.

However, he added that since the financial crisis, many people are facing difficulties accessing credit and paying their mortgages.

In this sense, many challenges still lie ahead for the financial inclusion sector, he explained.

According to Credit Action, total UK personal debt at the end of January stood at £1,463 billion, marking a 0.8 per cent increase in the last 12 months.