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Financial Inclusion

Financial Inclusion. Gillian Draper Southern Housing Group. 19 January 2010. Southern Housing Group. A not-for-profit Registered Provider of social housing, regulated by the Tenant Services Authority and inspected by the Audit Commission

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Financial Inclusion

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  1. Financial Inclusion Gillian Draper Southern Housing Group 19 January 2010

  2. Southern Housing Group • A not-for-profit Registered Provider of social housing, regulated by the Tenant Services Authority and inspected by the Audit Commission • one of the largest housing associations in London and the South East • owns and manages over 24,000 homes, of which 7,000 in London in 25 boroughs

  3. Why Southern Housing Group is involved in Financial Inclusion activity • 1 Financial Exclusion is an issue for our residents • 2 Financial Business case • 3 Social and Moral case

  4. 1Financial exclusion is an issue for our residents • 60% of the financially excluded are social housing tenants • 16% of social housing tenants have no bank account • Over 200,000 social housing tenants borrow from the home credit industry at rates of over 146% or higher • 7.8m people in the UK are unable to access mainstream credit • Only 32% of social housing tenants are in paid work

  5. 2 Financial Business Case • Promoting a package of financial inclusion • measures also makes good business sense • Together with a robust income • management strategy they can: • help cut rent arrears, • reduce evictions and tenant turn-over • minimise legal costs • reduce staff time

  6. 3 Social and moral case • As a social landlord, there is a social and moral case for working to achieve financial inclusion for our residents to help them: • maximise their personal income • decrease personal debt which can contribute to improved quality of life • offering the opportunity for personal advancement. • there is also a social benefit from a more stable community.

  7. Financial Inclusion Strategy • Promote access to Affordable Credit eg Credit Unions • Training for staff on understanding debt issues and developing awareness • Information for staff and residents on advice services available both national and local • To promote financial literacy for residents • Develop links with Debt Advice Agencies • Promote maximisation of benefits take-up • Contract with CHAS CL to provide advice for owners with rent arrears and debts

  8. London-wide Financial Inclusion • London Housing Financial Inclusion Group • membership of largest housing associations in • London, meet quarterly to: • Share common issues of HAs working across a large number of boroughs • share best practice • update on new initiatives from Govt eg savings gateway • Work together on funding bids • Find new partners or delivery agencies for services for our residents

  9. Working with local authorities • London Housing Associations also work locally • Work with Local Authorities Benefits Teams • Financial Inclusion Forums – some as part of the Housing Benefit partnership working • Joint support for local credit unions • Contact details gillian.draper@shgroup.org.uk

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