Josh Dean MP: speeches

Speeches

• 30 Jun 2026 · Financial Inclusion: Young People · Hansard source

  More

  I will keep it brief, Sir John. To add to the trend, I will just share the fact that my first job was in a local coffee shop. It has been great to hear about rurality, the importance of car insurance, social media, fraud and student loans; I will not share just how high my student loan bill is, having checked recently. The importance of financial inclusion has really been brought to life, as have the challenges that young people face. I thank all Members who have contributed to this important debate, and I thank the Minister for her response. Every young person deserves to build a secure and sustainable financial future. I hope that the Treasury will continue to think ambitiously about how we can support them in doing so. Question put and agreed to. Resolved, That this House has considered financial inclusion for young people.

• 30 Jun 2026 · Financial Inclusion: Young People · Hansard source

  More

  I could not agree more about the importance of regulating access to financial information across social media and AI, which is an emerging challenge. Embedding financial education in school is so important, particularly ahead of the social media ban, which my hon. Friend mentions. Research has shown that young people have the lowest confidence in managing their money. The latest MoneyView survey from the Money and Pensions Service found that although 41% of adults lack confidence managing money, the figure rises to 63% for 18 to 24-year-olds. That is the highest for any age group. I welcome measures in the financial inclusion strategy to embed financial education in the primary school curriculum, helping children to develop healthy attitudes towards money at the earliest stage, but there is a need to go further. A report in 2025 by the London Foundation for Banking & Finance highlighted a significant gap in financial education provision. Financial capability programmes are concentrated in primary schools, the early years of secondary school and workplaces. There is comparatively little structured support for young people aged 16 to 24 as they transition to financial independence. That is one of the most financially vulnerable periods in a young person’s life. They have to navigate leaving school, entering work or going to university, and living independently for the first time. Particularly as students, young people are vulnerable to developing bad financial habits, experiencing a financial crisis or falling into debt. They are often having to balance their education with work. If a financial crisis hits, they face the prospect of sacrificing more of their education to pay down debt, with a potential impact on their future life chances. These significant moments in a young person’s life are when small mistakes and unexpected costs can quickly escalate. Early support in this transition period is critical to prevent longer-term financial problems. All this takes place in a rapidly evolving digital landscape. Young adults are adopting AI tools faster than older generations, which is providing them with opportunities for more accessible guidance, but leaving them at risk of exposure to inaccurate information, scams and poor or misleading financial recommendations. MoneySuperMarket’s latest Money Talks research with the Campaign Against Living Miserably found that 44% of 18 to 34-year-olds are turning to generative AI as a private space to express their money worries. That is almost half of young people who are being exposed to unregulated financial advice. Financial exclusion does not only increase economic inequality between those who have savings, access to financial education and good support networks, and those who do not; it also has a significant impact on young people’s mental health. Financial anxiety is no longer associated just with moments of crisis. For many, it has become a daily occurrence. Research from MoneySuperMarket, CALM and UM showed that one in two young adults is in debt, one in four young people has used a food bank in the past year and, more than social media, body image or relationships, money is the topic causing young people the most worry right now. Young adults are 77% more likely to have experienced suicidal thoughts because of issues with money or money worries than the wider adult population. One in 10 young adults with debt will have had suicidal thoughts in the past 12 months because of worries about making repayments. There is a profound link between financial difficulties and poor mental health. It is often cyclical, with financial stress leading to more mental health challenges, and poorer mental health making financial management harder. We must recognise that relationship and how financial insecurity and exclusion are leaving young people lacking agency in our society and without hope. Beyond arguments about economic growth and inactivity, this alone should spur us on to do better. What might solutions to the barriers I have set out look like, and where might we be able to go further? First, on credit visibility, small sum lending can support young people with thin or non-existent credit files to establish their financial identity, and therefore access affordable financial products. For example, Fair4All Finance is piloting small sum lending in partnership with Monzo, and I would be keen to hear the Minister’s reflections on the role of small sum lending in that area. What further action can the Government can take alongside regulators to support young people to establish a financial track record? Secondly, on insurance affordability the interim findings of the recent Milburn review highlighted the stark challenge of 1 million young people who are not in education, employment or training. I know the Government are committed to tackling the high number of NEETs, but I would be grateful if the Minister would set out what work is being undertaken with regulators and industry to improve access to affordable motor insurance for young drivers, and to tackle the prohibitive costs restricting their access to work and education, leaving them financially excluded. Modelling from WPI Economics has found that improvement in that area could increase the UK’s GDP by £369 million annually through increased employment and participation in the labour market—there is an economic opportunity here. Thirdly, will the Minister reflect on how the Government can expand financial education and support in that critical period of transition for 16 to 24-year-olds, and share what consideration she has given to the growing influence of AI on financial decision making? Finally, on financial wellbeing and mental health, will the Minister commit to working across Departments to ensure that financial resilience forms part of the Government’s wider approach to supporting young people’s mental health and wellbeing? If we want to grow the economy, tackle the NEET challenge and improve young people’s mental health and wellbeing, we must ensure that they are not excluded from the financial system that underpins modern life. Real financial inclusion must mean that every young person can build a secure and sustainable financial future. A young adult who can save, build a credit history, access affordable insurance and make informed decisions about their finances is more likely to succeed in work, education and life. They will feel that they have agency in our society, and they will have hope for the future.

• 15 Jun 2026 · Social Media Ban for Under-16s · Hansard source

  More

  A decade ago, I marched with other young people to Parliament Square calling for votes at 16 to be introduced after the Brexit referendum, and I am proud that this Labour Government are doing that. However, how will we ensure that young people are well informed when they cast their first ballot, given that they are digital natives and get a lot of their information online?

• 8 Jun 2026 · Digital Safety: Children · Hansard source

  More

  The vast majority of Members in this place had the benefit of growing up in a world without social media, and with social media, but today’s young people have not had that benefit. They have grown up with their lives intimately intertwined with the digital world, and in lockdown they were pushed even deeper online without being given a say. Whatever we do next, we must bring young people with us. Beyond the consultation, what will the Department do to meaningfully engage with young people in this area of policy, so that we can build a digital world that is safe for young people with young people?