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Enhancing Financial Inclusion: Setting Up a Local Money Advice Centre

Explore how North Somerset Housing established a Money Advice Centre to tackle financial exclusion, impacting over 1,000 individuals through debt advice, credit union growth, and reduced arrears. Learn about the strategy, resources, and positive impacts on the community.

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Enhancing Financial Inclusion: Setting Up a Local Money Advice Centre

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  1. Setting up a local Money Advice Centre Steve Zebedee North Somerset Housing

  2. North Somerset Housing • Vision of Smarter Business, Better Homes, Stronger Communities • 6,100 homes • LSVT 6th February 2006 • Money Advice Centre opened 1st December 2006

  3. How financial exclusion affects our business • Rent Arrears (+ resources collecting) • Evictions (Cost us £6-8,000) • Our customers’ average household income is £8,641 • The social impacts of poverty such as crime, health, doorstep lenders etc • Research (CIOH, NHF, Univ Salford)

  4. North Somerset Housing Raglan Housing Association Barclays Bank Treasury Financial Inclusion Fund DWP Growth Fund Barclaycard Horizons Big Lottery £100,000 pa £10,000 pa £50,000 £37,000 £100,000 £25,000 £185,000 Financial Resources for MAC

  5. Aims of Money Advice Centre • A = Advice • B = Basic Bank Accounts • C = Credit, that is affordable • D = Depositing money • E = Education

  6. Other measures to tackle financial exclusion • Financial Inclusion Strategy • Home Contents Insurance scheme • Free to use Cash point – Nationwide BS • Talk to energy companies • Furniture packages • Staff Training and development

  7. Impact • Over 1,000 people given debt advice • Credit Union has grown from 200 savers to over 600 • Over 150 loans totalling in excess of £50,000. (£30,000 interest saving) • Running finances for 4 tenants • Arrears and evictions down

  8. Your response- Know of something similar?- Could this approach work for you, or a partner agency?

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