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 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

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

1 Financial 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

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

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.

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

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

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