Spitalfields has been working with residents to improve their financial health in partnership with the Getting on With Money project.
Residents are financially excluded when they do not have access to essential financial services, including not having a bank account savings account, not having access to affordable credit or insurance. Residents are also affected if they lack the knowledge, skills or confidence to access and use the financial services available to them.
Residents who are financially excluded pay higher cost for making financial transaction. If you do not have a bank account or access to other appropriate financial services, the cost of purchasing services and goods increases due to higher fees, charges and high interest rate payments on credit.
This is known as the ‘Poverty Premium’ which reduces the disposable income of households, residents then have to make a choice between spending less or borrowing more. This can put residents into unmanageable debt, exposing them to a risk of violence from loan sharks; it undermines health choices through reduced disposable income for essentials such as food, heating and other health-related expenditure, and an increase in worrying about money.
In the last year Spitalfields Housing has supported residents by carrying out financial health checks, providing information, arranging Getting on With Money workshops, we have also referred residents for debt advice and support. A number of residents have also been referred for employment advice and training.
If you would like advice or information please contact our Tenancy Support Officer Pauline Roach on 020 7392 5423