Mercian fights the New Year financial hangover with 'Cash for Christmas'
Mercian Housing Association have been helping tenants take the pressure out of Christmas by offering advice and information that will help them to make better financial decisions over the Christmas period, to minimise the New Year financial hangover.
Financial exclusion relates to the lack of access to mainstream financial products such as bank accounts, home insurance and affordable credit, along with basic necessities such as gas, electricity and mobile phones. These products are often more expensive for disadvantaged families. Known as the ‘Poverty Premium’, it has been calculated to around £1000 more, per year than working families with an average income.
Mercian Housing is raising awareness of financial exclusion through ‘Cash for Christmas’ – a newsletter which aims to highlight the true cost of borrowing and provide its residents with information on accessible and affordable financial services, such as debt advice and home contents insurance. The newsletter has been sent to every one of Mercian’s 3,330 Mercian properties, and is already having an effect with referrals to the debt advice service increasing and over 60 requesting information on home contents insurance.
James Walsh, Community Regeneration Manager at Mercian Housing said, “With 24% of housing association tenants not having a bank account and only 1 in 4 working full time, accessibility to products and services which can help improve their quality of life and standard of living are essential. We hope that Cash for Christmas will be a useful source of information for residents looking to get a better deal on the type of products which many people take for granted, or just to get assistance with managing their debts. The newsletter covers a wide range of topics, advice and information as well as a case study which demonstrates how easy it is to get into financial difficulty.”
Jim Dearlove, Stakeholder Manager for the Department of Work and Pensions ‘Now Let’s Talk Money’ campaign commented, “I think the newsletter is excellent and it sets out a proactive approach in giving housing association residents better information at a difficult time of year. We have added the Cash for Christmas newsletter to our website www.nowletstalkmoney.com as an example of good practice. “
Alongside providing excellent core services, Mercian Housing is committed to providing opportunities and information to customers to improve their social and economic well being, turning exclusion into inclusion.
View Cash for Christmas newsletter.
Press Enquiries please contact Vicky Jones on 0121 377 88 99 or email vjones@mercian.org.uk.