Financial Inclusion
What is Financial Inclusion
Financial Incluion is the access that people have to certain financial services. According to research conducted by the Housing Corporation, approximately 2.8 million people are financially excluded in this country, of which 70% are housing association tenants.
You can be excluded in a variety of ways, you could be excluded due to location; excluded due to prices or charges on products being excessive; or excluded from the marketing of products in the first place. Possibly there could be an element of self exclusion where an individual may not apply for a financial product because it is expected that they will be refused. This may be due to previous experience, the experiences of others, or a belief that these products are not for people in certain circumstances.
An example is people who don't have a bank account are finding it increasingly difficult to be eligible for the savings offered by energy or water companiesfor payment of their bills by direct debit, which is often the cheapest way to pay. Therefore the people who can afford the services the least are the ones paying the most.
The Cost of Being Financially Excluded
There are significant costs attached to being excluded financially which can include:
- Higher charges for basic financial transactions due to a lack of access to a bank account and direct debit facilities
- Higher charges for credit
- Lack of access to certain products or services such as contract mobile phones
- Lack of security in storing and holding cash
- Barrier to employment due to requirements for a bank account for the payment of wages
- Built in financial exlusion due to a lack of banking or credit history
Priorities for Yorkshire Coast Homes
A number of different priorities have been identified by Yorkshire Coast Homes that will help the organisation achieve its aims of delivering financial inclusion to all of its tenants.
Access to Affordable Credit
Yorkshire Coast Homes supports the Whitby and District Credit Union, a financial initiative that is designed exclusively for people living and working in the Whitby area (including the rural villages). Yorkshire Coast Homes is also keen to see Credit Unions succeed in the Scarborough area, and is working cloesly with partners to see this happen.
Debt Advice
Yorkshire Coast Homes is support of organisations such as Citizens Advice which has recently opened a surgery in Eastfield to work exclusively in the area of debt advice for the tenants and residents of the Eastfield area, who may have found difficulties in accessing this service previously.
Pro-active Arrears Prevention
Our specialsit arrears team will work to recover any monies owed to YCH as rent arrears, however they are trained to ensure that all tenants who are in arrears will recieve guidance on money management, and will work closely with you to resolve any problems you may have with your rent account.
Access to Bank Accounts
Yorkshire Coast Homes is currently working with a number of banks and building societies to provide access to bank accounts for our tenants who feel they may be unable to access the high street services. This may be through Cash Card Accounts or Basic Bank Accounts, and guidance can be provided for anyone wanting to take up this offer.
Addressing Insufficient Savings
Through credit unions tenants will be able to access opportunities for savings that can work for them; saving as much or as little as they want, while also giving them access to loans and credit at affordable rates.
Fuel Poverty and Water Costs
Yorkshire Coast Homes will endeavour to ensure that all of our properties are well insulated and where possible have cavity wall insulation and efficient central heating that should help to keep your house warm and energy efficient, however Yorkshire Coast Homes will promote any government initiatives that can help reduce your central heating costs and water rates.
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0845 065 56 56
Yorkshire Coast Homes
Brook House
4 Gladstone Road
Scarborough
North Yorkshire
YO12 7BH