New report shows value of financial inclusion support for thousands of social tenants
A new report to be launched on Friday 15th April demonstrates the importance of providing financial support and money advice for social tenants. It highlights the financial savings achieved for thousands of individuals and their landlords over the last two years of a national programme.
More social housing tenants tend to be in low paid work or in receipt of benefits and far fewer have savings or a bank account than the general population, which can make them more vulnerable in challenging economic times.
The new report shows the difference that an initiative such as the Financial Inclusion Adviser project from the Chartered Institute of Housing (CIH) can make for tenants and landlords. With support from Barclays and the Money Advice Service, CIH experts have helped over 250 housing organisations help thousands of tenants affected by the economic downturn to manage their money better.
Sarah Webb, CIH Chief Executive said: "When people take steps to manage money better, they can live better too. Tenants armed with money management skills and advice are less likely to fall into financial difficulties. Landlords in turn are likely to see lower rent arrears and more tenancies sustained.
"We hope that the lessons and successes in this report that are drawn from our two year project working with social landlords around the UK will support you to help make good money management a reality for everyone."
Paul O’Connor, Financial Inclusion Advisor for England Wales said: "There are some great examples across the UK of social housing landlords working hard to help their tenants make the correct financial decisions and access the right financial products. Helping people to use a bank account effectively, access affordable credit and obtain the state benefits that there are entitled to will continue to be a priority for the sector in light of the welfare reforms and funding cuts."