Has the penny DR PPED? Our tenants attitudes towards money and the implications for welfare reform INANCIAL INCLUSION

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Has the penny DR PPED? Our tenants attitudes towards money and the implications for welfare reform INANCIAL INCLUSION"

Transcription

1 Has the penny DR PPED? Our tenants attitudes towards money and the implications for welfare reform INANCIAL INCLUSION

2 Contents Foreword from Mark Rogers, Group Chief Executive 4 Executive Summary 5 The Survey in Detail Part 1 Study of Financial Behaviours 1.1 Banking Banking Services Saving Credit Unions Debt Advice Home Contents Insurance 9 Part 2 Attitudes Towards Money 2.1 Stress and Money Control of Money Support with Money Personal Responsibility Technology 12 Part 3 Segmentation 3.1 Group 1 Rob s Profile Group 2 Tina s Profile Group 3 Michelle s Profile Group 4 Martin s Profile Group 5 Ruth s Profile 18 Conclusions

3 4 Foreword from Mark Rogers In the coming months our tenants are facing a perfect storm, a series of substantial, high impact changes to their external environment, arriving all at once. These include an increasing lack of affordable housing, higher energy and food prices, direct payments of benefits into their bank accounts rather than to their landlord, cuts and freezes to benefits and an overall benefits cap. All of this is against a backdrop of economic stagnation and low employment prospects. Early evidence suggests that this is likely to result in financial difficulties, as people who are already struggling may resort to payday lenders and illegal high interest loan services, to make ends meet. Many could face heartbreaking daily decisions between eating or heating their homes. Housing associations will play an important role in ensuring that their tenants receive the right type of support that they need. We believe it is crucial to the success of these policies that the Government underpins its changes to the welfare system by providing information and face-to-face advice to those who are affected. Online solutions alone are not enough. Our report provides a useful snapshot of our tenants financial situations and their attitudes towards banking and money. For example, it is concerning that even though welfare reforms are yet to start, 30 of our tenants already find themselves lying awake at night thinking about money issues. Furthermore, while only 4 are unbanked and have no bank account, the greater problem is that so many are underbanked they do not often use banking products or online banking - with 57 preferring to use cash. The research identifies segments of customers with particular advice needs and has already been an invaluable tool for us to focus our financial inclusion and money advice services to help the right people. For example, one of the key findings is that those who are most likely to want to receive money advice are often those who are least in need of guidance. Or to put it another way, if your money situation is comfortable you are more likely to be willing to talk about it, but if you are in serious trouble, you might not want to discuss it. So, we need to look at new ways to engage those most in need of support. The report also shows that our tenants will need more advice to help them respond when the Government brings together all benefits under the Universal Credit later this year. At the moment most social housing tenants pay their housing benefit directly to their landlord. As part of Universal Credit which brings together many benefits under one payment the Department of Work and Pensions (DWP) is planning to introduce direct payments. This means that most recipients will receive all of their benefits in one monthly lump sum to their accounts for the first time ever, rather than their rent being paid direct to their landlord. Most of our tenants will not be used to receiving this amount of money at once, and may have difficulties in the transition to the new system. Some will want support to help them understand the changes and manage their money. The DWP is keen for these direct payments to be made online and for advice to be internet-based. However, our research shows that 45 of our customers don t have internet access at home, and can t access online advice. So, for many, online solutions will not work, and face-to-face advice is the most effective way to guide people through the changes. In the light of this, our recommendation is that the Government should provide a guarantee of at least one face-toface money advice session for each new recipient of direct Universal Credit payments who needs it. In this way, we can prepare people for the perfect storm, give them the information and guidance they need, and help them to navigate towards proactive management of their resources. Mark Rogers, Group Chief Executive, Circle Housing Group Executive Summary Background The Financial Inclusion Profiling Project has been supported by Lloyds Banking Group and conducted by Sterling Research Ltd. A total of 1,144 surveys were completed by Circle customers across the Group s geographic locations including a full range of ages, demographic groups and tenure types. Key findings Most tenants have bank accounts but do not regularly use them 4 of our tenants do not hold a bank account However, 57 of tenants say they prefer to use cash to pay for things The problem is therefore not so much that our customers are unbanked don t have a bank account but that they are underbanked they have an account but don t use it and will need support in how to use banking services more effectively. Our tenants want to take responsibility for their finances but need support 72 agreed that if I take care of myself now, life will be better in the future 62 think that saving for the future is important and something that I have to do 57 agree that I d like to be able to save but I never seem to have any money to put by. Saving and contents insurance are not widespread amongst tenants Less than half (38) of our tenants save on either a regular or an occasional basis Only 40 of our tenants have home contents insurance which means, in the event of a fire or burglary, they could end up losing everything Only 5 are members of a Credit Union which means most of our customers rely on high street providers or payday money lenders for credit. Many of our tenants don t have access to internet and are not confident using technology Only 55 of tenants have internet access at home Only 46 feel confident using technology This means that while the Government wants Universal Credit applicants to receive their payments and support online, many of our tenants do not have access to the internet. Many of our tenants feel stressed about money and don t know where to start 30 of tenants find themselves lying awake at night thinking about money issues 24 say they don t know where to start to improve their financial situation However, only 17 of our customers have received debt advice in the last six months. Recommendations Information Many of our customers are not aware of the changes to welfare which are facing them and how these will affect their finances. If the reforms require a change in behaviour and adaptation to new ways of managing their lives, tenants will need information. Our research and segmentation of customers shows that a one-size-fits-all approach will not be as effective as targeted communications. We are therefore keen to work with the Government to ensure that all those who are affected (and those who are not affected) by welfare changes are properly informed through specific and timely communication. Advice The new Universal Credit system will mean that for the first time many tenants will have all their benefits paid to them directly in one monthly sum rather than to their landlord. Many of them will not be used to receiving this amount of money in one payment and will require support to help them understand the system and manage their money. Given that 45 do not have access to the internet in their homes, online advice solutions will not be sufficient. People are often unsure of where they can go for advice and where they can turn for support to help them through the transition. We are therefore calling on the Government to provide a guarantee of at least one face-to-face money advice session for each new recipient of direct Universal Credit payments who needs it. 5

4 The Survey in Detail Part 1: Study of Financial Behaviours This study looked at the behaviour of our tenants across five areas of money and finances. These included banking and saving activity; the use of credit unions; engagement with debt advice; and take up of home contents insurance. 1.1 Banking For people to function successfully in society, a bank account is essential. Of those tenants we surveyed, 4 of tenants did not hold any form of bank account. Of those surveyed 54 had a current account an account which allows you to have an overdraft or earn in-credit interest. 33 had a basic bank account which do not generally have these facilities. Some held more than one type of account: Types of Bank/Savings Account Held Current Account 54 Basic Bank Account Savings Account Building Society Account Post Office Card Account Credit Union Banking None of these Base = 1144 tenants 3 4 For those who didn t have an account, the most common reasons were that they either felt they didn t have enough money to put into an account or that they felt they didn t need one. They would be most encouraged to open a bank account if there was someone to help them do it and there was a bank within easy travelling distance. While only a small number have no account of any kind, 57 of tenants said they prefer to use cash to pay for things. The issue is therefore often not so much that our customers are unbanked don t have a bank account but that they are underbanked they have an account but don t use it and will need support in how to use banking services more effectively. 6 7

5 1.2 Banking Services Of our tenants who responded to our survey: 69 make direct debit transactions 53 of tenants hold a debit card 29 use standing orders 26 of tenants use cheques 24 use internet banking 15 of tenants have an overdraft 13 of tenants use telephone banking 13 of tenants use BACS payments. 1.4 Credit Unions 5 of our tenants are members of a Credit Union. While a substantial number of tenants are using mainstream high street providers, very few are using a Credit Union. This means that tenants will be left with fewer alternatives and may have to rely on doorstep lenders who can charge up to 545 APR, payday lenders who can charge up to 4214, or even have to turn to illegal loansharks. 1.5 Debt Advice 17 of tenants have received debt advice in the last six months. This is significant because, as part of Universal Credit, the Department of Work and Pensions (DWP) is planning to introduce direct payments where most recipients will receive all of their benefits direct to themselves rather than paid to their landlord. It will therefore be increasingly important for housing associations to encourage increased use of direct debits (currently at 69 in our survey) to ensure they get a guaranteed payment of rent and tenants avoid falling into rent arrears. 1.3 Saving 27 of respondents have access to a savings account Only 38 of customers save regularly. The main reasons for saving given were: No 83 Yes emergencies 16 a rainy day 14 holiday 13 children 11 household items. The overwhelming reason why tenants don t save is a perception that they can t afford to save (32) or they don t have enough money to save (20). 19 of tenants link their inability to save to their low income. A small minority of tenants never quite get round to it, or can t be bothered to save. And a very small minority admitted that they didn t know how to save. However, with the Government introducing direct payment of benefits through Universal Credit, alongside benefits reform, demand for these services is likely to increase substantially. 1.6 Home Contents Insurance Only 40 of tenants hold home contents insurance. Reasons Why Tenants Don t Save Do not 60 Can t afford to save No money to save Do 40 Income too low 19 Can t be bothered Never quite get round to it Don t know how to I m not organised enough to save Base = 1144 tenants Of those that don t: 47 feel they can t afford it 29 feel that they don t own anything worth insuring. However, in the event of a burglary or fire, tenants could potentially lose everything and can often find it difficult to replace items such as furniture and televisions. Indeed, tenants who prefer to use cash to pay for things are also more likely to keep their savings at home in cash, which are also at risk if they are not insured. 8 9

6 Part 2: Attitudes Towards Money The attitudes within this survey covered thirty aspects of money and life, ranging from tenants reactions to risk, their stress levels, their feelings of personal responsibility, and whether they feel in control of their money. 2.1 Stress and Money 30 of tenants agree that thinking about my finances keeps me awake at night 50 worry about the future 16 of tenants admit to putting off opening their bills. 2.2 Control of Money 61 feel they are very organised when managing their money day to day 41 find it easy to make decisions with finance 17 feel very disorganised. Thinking about my finances keeps me awake at night I am very organised when it comes to managing my day to day finances If I take care of myself now, life will be better in the future I m happy sorting out my finances, I don t need any help Agree Neither Disagree 2.3 Support with Money 24 agree that they don t know where to start when it comes to their finances 48 find it easy to talk to family and/or friends about their finances 34 find it difficult to talk to family and/or friends about money 26 expressed a need for help with finances 23 don t know who they can trust to help them. Don t know where to start when it comes to their finances 24 Find it easy to talk to family and/or friends about their finances 48 Find it difficult to talk to family and/or friends about money Expressed a need for help with finances Don t know who they can trust to help them

7 2.4 Personal Responsibility Our research shows that social housing tenants are prepared to take personal responsibility with their finances: 72 agreed that if I take care of myself now, life will be better in the future 62 think that saving for the future is important and something that I have to do 57 agree that I d like to be able to save but I never seem to have any money to put by. If I take care of myself now, life will be better in the future 72 Saving for the future is important and something that I have to do I d like to be able to save but I never seem to have any money to put by It is clear that tenants are looking at which trusted sources they can turn to for advice and that they would like to take personal responsibility for their future but need support in order to do so. 2.5 Technology 45 do not have access to the internet at home 58 do not have access to the internet through their mobile Only 46 feel confident using technology. No 45 Yes 55 Percentage of tenants with access to the internet at home Base = 1103 tenants In conclusion, Circle tenants are already worried about money before welfare reforms have even begun. However, it is a mistake to say that people on low incomes are not organised when it comes to managing their money. Many feel organised and are prepared to take personal responsibility, but they need assistance to help them to do so. When Universal Credit is introduced, the Government s delivery strategy is mainly digitally-based with payment and advice provided online. But our research shows that nearly half our tenants (45) do not have a connection to the internet in their homes, and even if they are connected more than half (54) do not feel confident using technology. To ensure the success of these changes we believe the Government will need to supplement online solutions with face-to-face advice to ensure that customers, who are not connected or don t feel confident using computers, get the support they need

8 Part 3: Segmentation 3.2 Group 2 Tina s Profile Attitudinal statements were used to develop a segmentation of the Circle tenants. This study revealed that our tenants fit into five different segments: 3.1 Group 1 Rob s Profile This is Rob. He is 35 and in full-time employment He has a current and a savings account. He is a regular internet banking user He is computer literate, has internet access at home and via his iphone 4S Rob manages his everyday finances online and is not struggling to pay bills He takes personal responsibility for his future and is not afraid to take risks Rob saves for emergencies and holidays. Group 2 accounts for 21 of Circle tenants. Key characteristics: This is Tina. She is 26 and unemployed Tina is very disorganised when it comes to managing her money She buys on impulse and regrets it later Tina puts off opening her bills and her finances keep her awake at night. She worries about her future all the time She would like to be able to save, but never seems to have any money to put away She does not know where to start when it comes to finances and welcomes help to sort out this aspect of her life. Group 1 accounts for 30 of Circle tenants. Key characteristics: More likely to be male More likely to be aged and working full time 65 have internet access at home 49 have access via their mobile phone 63 have a current account 39 have a savings account 38 use internet banking 46 hold home contents insurance. Group 1 are computer literate. They take personal responsibility for their future, they are not worried about their finances and they are confident taking risks. They are not struggling to pay their fuel bills, and 55 save regularly, putting money away for emergencies/rainy days, holidays and children. More likely to be aged and have a basic bank account Often buy things on impulse and put off opening bills 37 hold home contents insurance Their finances keep them awake at night and they worry about their future Don t know where to start when it comes to finances. Group 2 would like to be able to save, but never seem to have any money to put away. They realise that saving for their future is important and something they should do. However, only 26 currently save either regularly or occasionally. They are disorganised when it comes to managing their money and consequently 25 have received debt advice in the last six months. Despite their need for support, only 31 of Group 2 would welcome money advice from Circle. Save Regularly or Occasionally Despite their greater use of technology and regular saving, a comparatively high 52 of Group 1 would welcome Circle providing money advice. This shows that often the groups that are in least need of money advice are the most likely to be open to it. All tenants Group Internet Banking All tenants 24 Group

9 3.3 Group 3 Michelle s Profile 3.4 Group 4 Martin s Profile This is Michelle. She is 23, a single mum and unemployed She has a current account and would like to put money by for her daughter, but feels she can t afford to save She has internet access both at home and via her Nokia phone but does not use them for banking Michelle is very organised with her day-to-day money but still struggles to pay her fuel bills. She does not have home contents insurance She worries about the future and often lies awake thinking about her finances. This is Martin. He is 27 and unemployed He does not have a bank account or a debit card and prefers to deal in cash He lives for today and lets tomorrow take care of itself Martin doesn t worry about money because he doesn t have any but struggles to pay his bills He thinks homes contents insurance is a waste of time He s happy the way his life is and doesn t feel he needs debt advice. Group 3 accounts for 18 of Circle tenants. Key characteristics: More likely to be female More likely to be aged between 18 and 54 and not working Likely to hold current or basic bank accounts, but not savings accounts Only 31 have home contents insurance. Despite being organised with day-to-day money, Group 3 struggle to pay their fuel bills. They worry about the future and lay awake thinking about their finances. 29 have received debt advice in the last six months. Only 20 of Group 3 save regularly because they feel they can t afford to save, and that their income is too low. They plan ahead and realise that saving for the future is important and would make them feel good, but they don t know where to start. 43 would welcome money advice from Circle. Received Debt Advice in the Last Six Months All tenants 17 Group 4 accounts for 15 of Circle tenants. Key characteristics: More likely to be male and not working Do not worry about their future but they struggle to pay their bills 52 have access to the internet Only 25 have home contents insurance. Group 4 find making decisions easy and feel they don t worry about money because they don t have any. They would like to be able to save but never have any money to put away. 29 save regularly or occasionally and any saving activity is centred on children. 57 would welcome money advice from Circle but because they are not worried about their finances, Group 4 may need to be given information before they will take any action. Of all of the segments this is the group which is least self-aware, but often most in need, and may require information to make them aware of the need to change behaviour. Hold Home Content Insurance Group 3 29 All tenants 40 Group

10 3.5 Group 5 Ruth s Profile Conclusions Group 4 accounts for 16 of Circle tenants. Key characteristics: This is Ruth. She is 61 and recently retired She has both a current account and a savings account. She uses direct debits, debit cards and often pays with cheques She doesn t use internet banking as she has not got internet access She saves regularly for emergencies, rainy days and holidays She is well organised when it comes to money and finances. She does not take risks and welcomes advice from others about where to put her savings. More likely to be over 65 and retired Likely to have both a current account and a savings account, and use direct debits, debit cards and cheques Unlikely to do internet banking as often do not to have internet access 61 hold contents insurance 37 have a savings account 49 save regularly for emergencies, rainy days and holidays. Group 5 are well organised when it comes to money and finances. They take personal responsibility and realise that if they take care of themselves today, life in the future will be better. They are happy sorting out their own finances and don t take risks. 61 would welcome money advice from Circle, probably around how to maximise their savings. Again the segmentation shows that the groups in the more stable financial position are often most open to advice. Use Cheques All tenants Group At Circle, we are already using this research to inform the delivery of our financial inclusion service to ensure that we continue to help the people who need it the most. In light of the expected increase in demand for advice services that will come with the introduction of Universal Credit, Circle has, over the last 12 months established a number of partnerships with national and regional organisations to provide vital support and advice services to our customers in a way that most appropriately meets their needs. National partners include the Money Advice Service, Entitled To and Step Change Debt Charity whilst more locally we work with a number of third sector organisations including citizens advice bureaus and credit unions. Roddons Money Advice During 2011/12, Roddons, one of our housing association partners, was successful in increasing customers incomes by over 127,000 by supporting applications for Disability Benefits, Housing/Council Tax Benefits and Pension Credits. Mr A (a Roddons customer) had become too ill to work and had slipped into rent arrears of over 1,000. He was referred to the Roddons Money Matters Officer. When the Money Matters Officer visited things had become so bad that he couldn t even afford to put any money in his electricity meter. Mr A s poor literacy skills meant he was struggling to claim the correct benefits and with no money coming in he was slipping further into debt. Roddons helped Mr A claim for child benefit and housing benefit, securing back payments of almost 3,000. A grant was also obtained from Anglian Water through their assistance fund for Mr A s water debts. Mr A is now back at work and his rent arrears stand at just over 100. Recommendations for Government Information Many of our customers are not aware of the changes to welfare which are facing them and how these will affect their finances. If the reforms require a change in behaviour and adaptation to new ways of managing their lives, tenants will need information. We are therefore calling on the Government to ensure that all those who are affected (and those who are not affected) by welfare changes are properly informed through targeted and timely communication. Advice The new Universal credit system will mean that for the first time many tenants will have all their benefits paid to them directly in one monthly sum rather than to their landlord. Many of them will not be used to receiving this amount of money in one go and will require support to help them understand the system and manage their money. Given that 45 do not have access to internet in their homes, online advice solutions will not be sufficient. People are often unsure of where they can go for advice and where they can turn to for support to help them through the transition. Our research and segmentation of customers shows that a one-size-fits-all approach will not be as effective as specific communications. We are therefore keen to work with the Government to provide a guarantee of at least one face-to-face money advice session for each new recipient of direct Universal Credit payments who needs it

11 Circle Housing Group Circle House 1-3 Highbury Station Road London N1 1SE Telephone: Minicom:

Segmenting the over-indebted population of the UK

Segmenting the over-indebted population of the UK Segmenting the over-indebted population of the UK August 2013 Segmenting the over-indebted population of the UK Introduction In 2012, the Money Advice Service identified a population of approximately 8.8

More information

UPDATED. XyxxYy. Benefit Changes. The Government is cutting benefits. 1 in 7 people will be affected. Are you prepared?

UPDATED. XyxxYy. Benefit Changes. The Government is cutting benefits. 1 in 7 people will be affected. Are you prepared? UPDATED Benefit Changes XyxxYy The Government is cutting benefits. 1 in 7 people will be affected. Are you prepared? 1 XyxxYy ARE YOU PREPARED FOR UNIVERSAL CREDIT? Most people in Sheffield who currently

More information

DWP: Evaluation of Removal of the Spare Room Subsidy (Bedroom Tax)

DWP: Evaluation of Removal of the Spare Room Subsidy (Bedroom Tax) Housing Strategy and Development Briefing Note 14/10 DWP: Evaluation of Removal of the Spare Room Subsidy (Bedroom Tax) October 2014 Introduction Welcome to a series of regular briefings prepared by the

More information

FACT SHEET. Money matters. Paying bills

FACT SHEET. Money matters. Paying bills 12 FACT SHEET Money matters This fact sheet provides advice and information about how best to manage your money to make it easier to manage your household expenses. It also provides details of agencies

More information

PROTECTION REPORT BEFORE AND AFTER THE MORTGAGE MARKET REVIEW

PROTECTION REPORT BEFORE AND AFTER THE MORTGAGE MARKET REVIEW PROTECTION REPORT BEFORE AND AFTER THE MORTGAGE MARKET REVIEW JUNE 2015 HOMEOWNERS A R E FAR MORE AWARE OF THE WAYS THEY SPEND THEIR MONEY IS THIS GREATER AWARENESS CHANGING ATTITUDES TOWARDS OUR FINANCIAL

More information

What is. Universal Credit. & how will it affect me?

What is. Universal Credit. & how will it affect me? What is Universal Credit & how will it affect me? About this leaflet A new benefit called Universal Credit has started to replace a range of benefits and tax credits for people of working age - see the

More information

Make your budget work for you

Make your budget work for you Welfare Reform Make your budget work for you www.milton-keynes.gov.uk/welfare-reform Make your budget work for you Why budget It s always a good idea to keep track of your money. Budgeting is keeping track

More information

Welfare Reform Targeted Support Scheme Evaluation Report June 2014

Welfare Reform Targeted Support Scheme Evaluation Report June 2014 Welfare Reform Targeted Support Scheme Evaluation Report June 2014 The Welfare Reform Targeted Support Scheme was created by City of York Council after it received 35,000 from central government to support

More information

Financial Literacy among 18-27 year old

Financial Literacy among 18-27 year old Financial Literacy among 18-27 year old - based on a market research survey among young people in Denmark, Finland, Sweden, Norway, Northern Ireland and Ireland Copenhagen, March 2009 Client s logo (optional)

More information

for Newcomers and New Canadians Module 2 How to Build Credit In Canada Student Workbook

for Newcomers and New Canadians Module 2 How to Build Credit In Canada Student Workbook for Newcomers and New Canadians Module 2 How to Build Credit In Canada Student Workbook Welcome! This workshop is about credit. Credit is buying something now, but paying for it later. Credit can be useful

More information

The Future of Retirement A balancing act. Singapore Report

The Future of Retirement A balancing act. Singapore Report The Future of Retirement A balancing act Singapore Report The research The Future of Retirement is a world-leading independent research study into global retirement trends, commissioned by HSBC. The global

More information

Money Borrowing money

Money Borrowing money Money Borrowing money Aims: To enable young people to explore ways of borrowing money and the advantages and possible consequences of doing so. Learning Outcomes: By the end of the session the participants

More information

take control of your finances

take control of your finances take control of your finances Burnley s essential welfare reform toolkit You will have heard a lot in the news lately about welfare reform and the changes to benefits. For many people there will be less

More information

Dealing with debt - toolkit Information from Southampton City Council. Step 5. Tackle the most important debts first

Dealing with debt - toolkit Information from Southampton City Council. Step 5. Tackle the most important debts first Dealing with debt - toolkit Information from Southampton City Council Step 5. Tackle the most important debts first Step 5. Tackle the most important debts first priority creditors. Some debts are more

More information

Savings, Bank Accounts and Online Benefits. Peter Hughes

Savings, Bank Accounts and Online Benefits. Peter Hughes Savings, Bank Accounts and Online Benefits Peter Hughes Welfare Reform The benefits system is changing in Wigan from April 2013 Applications for Universal Credit will have to be made online The Government

More information

Wiltshire s Housing Management Financial Inclusion Plan 2014-2017

Wiltshire s Housing Management Financial Inclusion Plan 2014-2017 Wiltshire s Housing Management Financial Inclusion Plan 2014-2017 Contents Foreword Page 1 What will the Financial Inclusion Strategy achieve? Page 3 Background Page 4 Who is most likely to be affected

More information

ICAEW on Personal Finance

ICAEW on Personal Finance ICAEW on Personal Finance How much will it cost me to go to university? Kate is about to go to university to study for a degree in business and finance. She is really looking forward to moving away from

More information

When Finances Go Wrong - Debt

When Finances Go Wrong - Debt When Finances Go Wrong - Debt Very few people now have no debt at all after all a mobile phone contract, or your rent/mortgage are both debts. It becomes an issue for people when they cannot meet the payments

More information

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages LEGAL & GENERAL HOME FINANCE Guide to Lifetime Mortgages A lifetime mortgage could give you the freedom to really enjoy your retirement. We re delighted you re finding out more about lifetime mortgages.

More information

Government mortgage rescue scheme What will it mean for me and my family?

Government mortgage rescue scheme What will it mean for me and my family? Government mortgage rescue scheme What will it mean for me and my family? What is mortgage rescue? Mortgage rescue is help that the Government is offering if: you are struggling to keep up with your mortgage

More information

Safer Communities Overview and Scrutiny Panel 2 September 2014. Problem Debts and Loan Sharks Update

Safer Communities Overview and Scrutiny Panel 2 September 2014. Problem Debts and Loan Sharks Update Safer Communities Overview and Scrutiny Panel 2 September 2014 Problem Debts and Loan Sharks Update 1. Introduction 1.1. The Environment and Safer Communities Scrutiny Panel undertook a review of problem

More information

PERCEPTION OF SENIOR CITIZEN RESPONDENTS AS TO REVERSE MORTGAGE SCHEME

PERCEPTION OF SENIOR CITIZEN RESPONDENTS AS TO REVERSE MORTGAGE SCHEME CHAPTER- V PERCEPTION OF SENIOR CITIZEN RESPONDENTS AS TO REVERSE MORTGAGE SCHEME 5.1 Introduction The present study intended to investigate the senior citizen s retirement planning and their perception

More information

Wyre Forest 2016/17 Council Tax Reduction Scheme Consultation

Wyre Forest 2016/17 Council Tax Reduction Scheme Consultation Wyre Forest 2016/17 Council Tax Reduction Scheme Consultation The Children s Society s official response The Children s Society is a national charity that runs local projects to support children and young

More information

Problems paying your mortgage

Problems paying your mortgage Problems paying your mortgage What you need to do now and how to get back on track Steps to take now What your options are Get free impartial advice The Money Advice Service is independent and set up by

More information

Changing the shape of British retirement. www.homewise.co.uk

Changing the shape of British retirement. www.homewise.co.uk Changing the shape of British retirement Free Phone 0800 043 33 66 About us Welcome to Homewise Like many people, you may have spent years looking forward to a dream retirement lifestyle, perhaps wanting

More information

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages LEGAL & GENERAL HOME FINANCE Guide to Lifetime Mortgages A lifetime mortgage could give you the freedom to really enjoy your retirement. We re delighted you re finding out more about lifetime mortgages.

More information

Key Findings ASIC Report 419. Australian Financial Attitudes and Behaviour Tracker Wave 1: March August 2014

Key Findings ASIC Report 419. Australian Financial Attitudes and Behaviour Tracker Wave 1: March August 2014 ASIC Report 419 Wave 1: March August 2014 Australian Securities and Investments Commission December 2014 Contents INTRODUCTION 3 KEY FINDINGS 9 Financial attitudes 10 Keeping track of finances 11 Planning

More information

ISI Debtor Testimonials. April 2015 ISI. Tackling problem debt together

ISI Debtor Testimonials. April 2015 ISI. Tackling problem debt together ISI Debtor Testimonials April 2015 ISI Tackling problem debt together The following are the words of debtors who have availed of the ISI s debt solutions and are real cases. They have reviewed and agreed

More information

Topic 2(d) Bank accounts

Topic 2(d) Bank accounts Topic 2(d) Bank accounts Storing money in a bank or building society If you have money you don t want to spend immediately, the best thing you can do with it is put it in a bank account. This will keep

More information

Money Advice Pack PB 1

Money Advice Pack PB 1 Money Advice Pack 1 Introduction Many people suffer difficulties with money at some time in their lives. Money problems can be caused by a variety of reasons, such as losing your job, illness, decreased

More information

True Stories: My Debt Crisis

True Stories: My Debt Crisis Read the following article and consider the following questions for the individual involved: 1. What were the threats and poor decisions? 2. What were the positive actions and good decisions? 3. What would

More information

how the One account works all your questions answered 08456 000 00 1 oneaccount.com

how the One account works all your questions answered 08456 000 00 1 oneaccount.com how the One account works all your questions answered 08456 000 00 1 oneaccount.com Contact us By telephone 08456 000 00 1 By typetalk 08456 000 00 1 By textphone 08456 10 10 56 By post By web The One

More information

A Survey about Financial Literacy Among the U.S. Military

A Survey about Financial Literacy Among the U.S. Military A Survey about Financial Literacy Among the U.S. Military Prepared For: The National Foundation for Credit Counseling (NFCC) Prepared By: Harris Poll 1 NFCC Financial Literacy among U.S. Military Survey

More information

In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com

In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com Debtfocus Business Recovery & Insolvency Ltd In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com Content highlights Before you read this guide in detail, you

More information

Options for dealing with debt

Options for dealing with debt Options for dealing with debt This factsheet explains what you can do if you cannot afford your debts. It gives an overview of the options that you may have, but is not a suitable alternative to speaking

More information

Public perceptions of the Removal of the Spare Room Subsidy (RSRS)

Public perceptions of the Removal of the Spare Room Subsidy (RSRS) Public perceptions of the Removal of the Spare Room Subsidy (RSRS) November 2013 Public perceptions of the Removal of the Spare Room Subsidy (RSRS) A report of research carried out by the Department for

More information

RBS NatWest Clear Rate and Cashback Plus Credit Cards Three Star Fairbanking Mark Research

RBS NatWest Clear Rate and Cashback Plus Credit Cards Three Star Fairbanking Mark Research RBS NatWest Clear Rate and Cashback Plus Credit Cards Three Star Fairbanking Mark Research The Fairbanking Foundation awards marks to products which can demonstrate that they act in customers best interests,

More information

Open Banking Building a transparent banking system

Open Banking Building a transparent banking system Open Banking Building a transparent banking system Housing Open Banking : Building a transparent banking system Labour s With Britain back in recession thanks to the Government s failed economic policies

More information

Taking the steps to regain control

Taking the steps to regain control Taking the steps to regain control Congratulations! Just reading this means you are taking the most difficult single step in dealing with debt problems facing them head on and finding out what you can

More information

Application form for a Discretionary Housing Payment

Application form for a Discretionary Housing Payment Application form for a Discretionary Housing Payment The Council has a fund to provide extra financial help to people who get Housing Benefit, but are having trouble meeting housing costs. These payments

More information

Benefits, Debts & Money Management. A brief guide for Aspire customers on what help and support is available for money and benefit issues

Benefits, Debts & Money Management. A brief guide for Aspire customers on what help and support is available for money and benefit issues Benefits, Debts & Money Management A brief guide for Aspire customers on what help and support is available for money and benefit issues Do you need help managing your money? Can you or anyone in your

More information

Government mortgage rescue scheme What will it mean for me and my family?

Government mortgage rescue scheme What will it mean for me and my family? Government mortgage rescue scheme What will it mean for me and my family? What is mortgage rescue? Mortgage rescue is help that the Government is offering if: you are struggling to keep up with your mortgage

More information

The Money Statistics January 2015

The Money Statistics January 2015 The Money Statistics January 2015 Welcome to the January 2015 edition of The Money Statistics The Money Charity s monthly roundup of statistics about how we use money in the UK. These were previously published

More information

Payroll Deduction Service. Mutual Benefits for Employers & Employees

Payroll Deduction Service. Mutual Benefits for Employers & Employees Payroll Deduction Service Mutual Benefits for Employers & Employees Contents Section 1 What is the payroll deduction service? Page 3 Section 2 Benefits for the employer Page 4 Section 3 Benefits for the

More information

Your Money, Your Choice

Your Money, Your Choice Your Money, Your Choice With rising living costs many people are looking for help when it comes to making the most of their money. Find out what help is available for you. www.rotherham.gov.uk Together

More information

Choosing and Opening a Bank Account

Choosing and Opening a Bank Account Choosing and Opening a Bank Account The Easy Picture Guide to Banking T his Guide has been put together to help you to choose a Bank and a Bank Account that are right for YOU. It has been written to be

More information

GUIDE TO DEALING WITH DEBT

GUIDE TO DEALING WITH DEBT GUIDE TO DEALING WITH DEBT CONTENTS Page 4 Where do I start? Page 5 Do I have to pay? What can I afford to pay? Page 7 Who to pay first? Page 10 What can I afford to pay on my Credit Debts? Page 12 What

More information

Rent Arrears Recovery Policy

Rent Arrears Recovery Policy Rent Arrears Recovery Policy 2013-16 July 2013 Version 1.0 Version Control Policy Author Version Number Date Status Comments Finance and Incomes Manager Draft 1.0 24 July 2013 New Approval Body Effective

More information

BAINES & ERNST GUIDE TO DEBT MANAGEMENT PLANS

BAINES & ERNST GUIDE TO DEBT MANAGEMENT PLANS BAINES & ERNST GUIDE TO DEBT MANAGEMENT PLANS Contents 1. Introduction 2. What is a Debt Management Plan? 3. How a Debt Management Plan works 4. Do you qualify for a Debt Management Plan? 5. Other debt

More information

Supporting Social And Economic Inclusion: Winner

Supporting Social And Economic Inclusion: Winner Supporting Social And Economic Inclusion: Winner The Wrekin Housing Trust And Partners: Financial Inclusion And Capability Summary Increasingly we are all required to take greater personal responsibility

More information

Disabled people and financial well-being

Disabled people and financial well-being Disabled people and financial well-being Credit and debt Key messages Although disabled people are less likely to draw on credit, those that have borrowed are substantially more likely to be over-indebted

More information

Get advice now. Are you worried about your mortgage? New edition

Get advice now. Are you worried about your mortgage? New edition New edition July 2009 Are you worried about your mortgage? Get advice now If you are struggling to pay your mortgage, act now to stop your situation becoming worse. Working with Citizens Advice Bureaux

More information

Welfare Reforms What you need to know. Money Advice Unit. www.hertsdirect.org/benefits

Welfare Reforms What you need to know. Money Advice Unit. www.hertsdirect.org/benefits Welfare Reforms What you need to know Money Advice Unit www.hertsdirect.org/benefits Introduction The Government has begun a very ambitious and far-reaching reform of the benefit system. The aims include

More information

are you in danger of losing your home?

are you in danger of losing your home? are you in danger of losing your home? Mortgage to Rent Scheme help is at hand... We want to make it as easy as possible for you to get information about Mortgage to Rent. You can ask for this document

More information

Full-time Guide. You can afford to go to Uni

Full-time Guide. You can afford to go to Uni Full-time Guide You can afford to go to Uni The true cost of full time higher education study in England from 2013 Introduction The information in this guide is for full-time students in England starting

More information

A Self Help Guide to Money Problems

A Self Help Guide to Money Problems A Self Help Guide to Money Problems DERBY CITY COUNCIL Money Advice Service If you re in debt and don t know which way to turn, then this guide will help you. Act now! Help yourself by following these

More information

You can afford to go to Uni

You can afford to go to Uni Full-time Guide You can afford to go to Uni The true cost of full time higher education study in England 2014 Introduction The information in this guide is for full-time students in England starting a

More information

The Value of British Gas Energy Trust. Impact Report Summary

The Value of British Gas Energy Trust. Impact Report Summary The Value of British Gas Energy Trust Impact Report Summary Introduction At British Gas, we know that sometimes people struggle to pay their bills. There are lots of ways that we can help people who need

More information

WOMEN AND RISK MADE SIMPLE

WOMEN AND RISK MADE SIMPLE WOMEN AND RISK MADE SIMPLE Working with the profession to simplify the language of insurance UNDERSTANDING WOMEN AND RISK Risk is part of life. At home, at work, on the road, on holiday, you re at risk

More information

Protection Report PROTECTION FOR

Protection Report PROTECTION FOR Protection Report PROTECTION FOR PRIVATE Tenants June 2014 protect the future of your HOME Tenants own fewer financial products than home owners, but many are keen to step on the property ladder. Ours

More information

No selling. No jargon. Just the facts about borrowing money. Our guides here to help you. No selling. No jargon. Just the facts.

No selling. No jargon. Just the facts about borrowing money. Our guides here to help you. No selling. No jargon. Just the facts. June 2009 Our guides here to help you This guide is part of our Everyday money series. About the Financial Services Authority. Buying a home. Saving and investing. Pensions and retirement. If things go

More information

Managing. debt. domestic customers. the collection of. debt for. Our code of practice:

Managing. debt. domestic customers. the collection of. debt for. Our code of practice: Managing debt Our code of practice: the collection of debt for domestic customers The water services we provide to your property have to be paid for, but we know that finding the money to pay bills can

More information

MORE CHOICE MORTGAGE CENTRE MORTGAGE GUIDE

MORE CHOICE MORTGAGE CENTRE MORTGAGE GUIDE MORE CHOICE MORTGAGE CENTRE MORTGAGE GUIDE All you need to know about buying and protecting your home THE FSA More Choice Financial Ltd, The Rufus Centre, Steppingley Road, Flitwick Beds MK45 1AH is authorised

More information

Debt Advice Self Help Pack

Debt Advice Self Help Pack Debt Advice Self Help Pack Welfare Benefits Information Centre, Town Hall Annexe, Birley Street, Preston, PR1 2QE 1 Are you having problems managing your money and making ends meet? Are you getting letters

More information

Higher Education: Consultation on potential early repayment mechanisms for student loans. A Response by Credit Action

Higher Education: Consultation on potential early repayment mechanisms for student loans. A Response by Credit Action Higher Education: Consultation on potential early repayment mechanisms for student loans A Response by Credit Action Background Credit Action is a national money education charity (registered Charity in

More information

Get advice now. Are you worried about your mortgage? New edition

Get advice now. Are you worried about your mortgage? New edition New edition July 2010 Are you worried about your mortgage? Get advice now If you are struggling to pay your mortgage, act now to stop your situation becoming worse. Working with Citizens Advice Bureaux

More information

The Basics of Building Credit

The Basics of Building Credit The Basics of Building Credit This program was developed to help middle school students learn the basics of building credit. At the end of this lesson, you should know about all of the Key Topics below:»

More information

Confident living. Managing your money. Confident living series: Managing your money

Confident living. Managing your money. Confident living series: Managing your money Confident living Managing your money Confident living series: Managing your money Managing your money Five top tips 1 Ask a shop what special offers they have. 2 Speak up for your rights, services should

More information

York Citizens Advice Bureau How did our advice help you?

York Citizens Advice Bureau How did our advice help you? York Citizens Advice Bureau How did our advice help you? Introduction York CAB is an independent charity that gives free, confidential and independent legal advice on a huge range of issues, including

More information

Open University in Wales - Response to the consultation on a proposed Financial Education and Inclusion (Wales) Bill

Open University in Wales - Response to the consultation on a proposed Financial Education and Inclusion (Wales) Bill Open University in Wales - Response to the consultation on a proposed Financial Education and Inclusion (Wales) Bill About The Open University in Wales 1. The Open University (OU) was established in 1969,

More information

Tax credits: The current picture

Tax credits: The current picture CAB survey findings Advice Week briefing September 2007 Tax credits: The current picture Introduction Tax credits form a vital component of the Government s strategy for tackling child poverty and making

More information

There s a Lot to Learn about Money

There s a Lot to Learn about Money No matter who you are, making informed decisions about what to do with your money will help build a more stable financial future for you and your family. Alan Greenspan There s a Lot to Learn about Money

More information

Debt Facts and Figures - Compiled 4 th May 2007

Debt Facts and Figures - Compiled 4 th May 2007 Total UK personal debt Debt Facts and Figures - Compiled 4 th May 2007 Total UK personal debt at the end of March 2007 stood at 1,318bn. The growth rate increased to 10.5% for the previous 12 months which

More information

BENEFIT, MONEY & DEBT. Advice Services in Dundee

BENEFIT, MONEY & DEBT. Advice Services in Dundee BENEFIT, MONEY & DEBT Advice Services in Dundee i Contents Brooksbank Centre Citizens Advice Bureau Dundee North Law Centre Dundee Carers Centre Discovery Credit Union Dundee Energy Efficiency Advice Project

More information

RENT COLLECTION, ARREARS & DEBT RECOVERY POLICY

RENT COLLECTION, ARREARS & DEBT RECOVERY POLICY RENT COLLECTION, ARREARS & DEBT RECOVERY POLICY Approved by Board 21 July 2009 1. Introduction 1.1 This Policy sets out the principles and approach to be taken in making sure that rent and service charge

More information

Introduction 1 Key Findings 1 The Survey 1. 1. Retirement landscape 2

Introduction 1 Key Findings 1 The Survey 1. 1. Retirement landscape 2 Contents Introduction 1 Key Findings 1 The Survey 1 1. Retirement landscape 2 2. Aspirations and expectations for a changing retirement 2 Canada is ranked third in the AEGON Retirement Readiness Index

More information

Debt recovery. code of practice

Debt recovery. code of practice Debt recovery code of practice We want to help As a Wessex Water customer, you are entitled to a high level of service from us and our billing company Bristol Wessex Billing Services Limited (BWBSL). In

More information

How does HMRC work out how much income tax I owe?

How does HMRC work out how much income tax I owe? Taxes are dealt with and collected by HM Revenue & Customs (HMRC). There are different types of tax, which include those listed below. Income tax. This is a tax you pay on income you receive. National

More information

Debt advice leaflet. You can find all the 'your housing options' leaflets at www.dacorum.gov.uk/housing or contact Housing Options for a copy.

Debt advice leaflet. You can find all the 'your housing options' leaflets at www.dacorum.gov.uk/housing or contact Housing Options for a copy. Debt advice leaflet You can find all the 'your housing options' leaflets at www.dacorum.gov.uk/housing or contact Housing Options for a copy. Debt advice leaflet Dealing with your debts can be difficult

More information

Holiday Illness. Personal Legal Services

Holiday Illness. Personal Legal Services Holiday Illness Personal Legal Services This information relates to the law and procedures in England and Wales. Please contact us if you need advice about the law and procedure in other legal jurisdictions.

More information

Credit Crunching. a student guide to credit 2010/11

Credit Crunching. a student guide to credit 2010/11 Credit Crunching a student guide to credit 2010/11 Introduction Whether you are a student or a graduate it is important to understand all the different types of credit out there in the market place. Credit

More information

Help with payment problems

Help with payment problems Help with payment problems ADVICE AND INFORMATION H E L P... Here to help If you are having problems paying your water bill, please get in touch with us as soon as possible. We understand that customers

More information

Banking made clear. Information pack for people with learning disabilities.

Banking made clear. Information pack for people with learning disabilities. Banking made clear Information pack for people with learning disabilities. This handy guide provides information about how you can: open and manage your own bank account keep safe when you are using your

More information

Banking made clear. Information pack for people with learning disabilities.

Banking made clear. Information pack for people with learning disabilities. Banking made clear Information pack for people with learning disabilities. This handy guide provides information about how you can: open and manage your own bank account keep safe when you are using your

More information

ICAEW on Personal Finance

ICAEW on Personal Finance ICAEW on Personal Finance Living away from home for the first time Jack decided he didn t want to go to university after finishing his A-levels. Instead he applied for a Higher Apprenticeship within a

More information

Briefing Paper on Equity Release

Briefing Paper on Equity Release COUNCIL of MORTGAGE LENDERS Briefing Paper on Equity Release What is equity release? 1. Equity is the difference between any mortgage you may have and the value of your home. Equity release is a way of

More information

Get advice now. Are you worried about your mortgage?

Get advice now. Are you worried about your mortgage? Are you worried about your mortgage? Get advice now If you are struggling to pay your mortgage, or you think it will be difficult to pay more when your fixed-rate deal ends, act now to stop your situation

More information

Money Matters: What you need to know about debt. What is debt?

Money Matters: What you need to know about debt. What is debt? What is debt? Debt is a sum of money owed to another person or organization. A debt can be in the form of a: Bank loan Rent arrears Utility bill debts Over draft with bank account Failure to pay council

More information

Going into hospital money matters

Going into hospital money matters Going into hospital money matters RET0403 Being admitted to hospital either voluntarily or under section can be a distressing experience. Often money may be the last thing on your mind. However if neither

More information

Going into Hospital. Money Matters

Going into Hospital. Money Matters Going into Hospital Money Matters Being admitted to hospital can be very upsetting. Money may be the last thing on your mind. But if you don t have a plan to deal with your money when you are in hospital,

More information

Analysis of questionnaire responses from providers of mainstream credit products

Analysis of questionnaire responses from providers of mainstream credit products Analysis of questionnaire responses from providers of mainstream credit products This report summarizes the questionnaire responses received from providers of mainstream credit products. The objectives

More information

MABS Guide to the Personal Insolvency Act, 2012

MABS Guide to the Personal Insolvency Act, 2012 MABS Guide to the Personal Insolvency Act, 2012 DISCLAIMER: This Guide is for general information purposes only and does not constitute legal, financial or other professional advice. Specific advice should

More information

StandardBankAccounts in association with

StandardBankAccounts in association with Introducing StandardBankAccounts in association with What is a standard bank account? A standard bank account is a new type of account designed to help you manage your money. If you have been put off opening

More information

debt solutions education financial strategies

debt solutions education financial strategies debt solutions education financial strategies Our Mandate To educate Canadians in personal money management and the wise use of credit To help individuals and families find solutions to their financial

More information

For more information. This leaflet is available on request in other formats such as large print and languages other than English.

For more information. This leaflet is available on request in other formats such as large print and languages other than English. For more information This Code of practice is approved by Ofwat and forms part of a suite of code of practice leaflets available to customers. This leaflet is available on request in other formats such

More information

With new options available from April 2015, we can help you plan your finances for a worry-free retirement

With new options available from April 2015, we can help you plan your finances for a worry-free retirement Your retirement With new options available from April 2015, we can help you plan your finances for a worry-free retirement Life is full of financial decisions and planning your retirement is one of the

More information

Run the CAP Money Course

Run the CAP Money Course Run the CAP Money Course money:course budget. save. spend. Prevention is better than a cure In a society where money has a profound impact on everyone s lives and the majority of people worry about their

More information

A Small guide to some Insurance products that you have heard of, but, not sure what they mean!

A Small guide to some Insurance products that you have heard of, but, not sure what they mean! A Small guide to some Insurance products that you have heard of, but, not sure what they mean! Helping you to understand Insurance Please find our guide to some Insurance Products which we know you have

More information

Managing Money and Finances Following Traumatic Brain Injury. Patient Information Booklet. Talis Consulting Limited

Managing Money and Finances Following Traumatic Brain Injury. Patient Information Booklet. Talis Consulting Limited Managing Money and Finances Following Traumatic Brain Injury Patient Information Booklet Talis Consulting Limited Why Can a Head Injury Cause Problems when Managing Money? Often people will describe the

More information

APPENDIX 1. LB Lambeth Income and Debt Recovery Strategy 2015/17

APPENDIX 1. LB Lambeth Income and Debt Recovery Strategy 2015/17 APPENDIX 1 LB Lambeth Income and Debt Recovery Strategy 2015/17 For Lambeth council, responsible financial management is critical to enabling the delivery of over 100 core services efficiently and sustainably.

More information