Tackling the Poverty Premium in Social Housing

Many households in the UK are starting to feel the economic squeeze as job losses, pay freezes, soaring train fares, energy price wars, housing slumps and rising food prices take their toll in austerity Britain.  But what about the poorest of households, facing a poverty premium for the same basic essentials we all need? The Guardian recently called for housing providers to do more to help residents to manage their finances through education, as well as enabling access to cheaper products and services in order to prevent welfare reform measures from overwhelming poorer households.  The Big Lottery Fund's improving financial confidence initiative aims to do just this, targeting those identified as the most affected by financial exclusion; social housing tenants moving in and out of work and first time tenants or young people in social housing. The Big Lottery is investing £31.7m in 37 partnership projects across England to enable housing providers and voluntary sector organisations, local authorities and financial service providers, to prevent an estimated 150,000 of the most vulnerable social housing residents from falling into a spiral of debt.  Read more on the Guardian website.

NCHA Given £1m for Tenants in Debt Danger

Nottingham Community Housing Association has been awarded £1 million of lottery funding to support tenants who are at risk of falling into debt.  The Big Lottery funding scheme aims to make people more financially aware and confident in money management and make it easier for them to get loans or credit cards. It has allocated money to several East Midlands organisations and is backed by money-saving expert Martin Lewis, the National Housing Federation and Citizens Advice.  The association was awarded £999,449 to work with social housing tenants, particularly those aged 18 to 25, over a five-year period.  First-time tenants will receive a 'financial confidence health check' when they sign up for a tenancy to ensure they are aware of what they can afford and how to manage their money. They will receive details of financial services available.  Read more on the Nottingham Post website.