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Financial exclusion is defined as lack of ownership of financial products such as pensions, life assurance and savings accounts. This can be a disadvantage to people and impair their ability to participate in society. The Adult Financial Literacy Advisory Group (AdFLAG) was established in February 2000 by the Secretary of State for Education and Employment to make recommendations on ways to improve the financial literacy of the adult population with a specific emphasis on those who are disadvantaged.
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