Tackling financial exclusion
A recent survey estimated that around 1,500 of WDH’s tenants do not have a bank account. This might be through choice, or because of personal circumstances. But, whatever the reason, you could be losing out.
A new website to help manage finances
We have launched a new website, www.askted.org.uk, packed full of
advice about managing your money and avoiding the 'debt trap'.
It includes:
- An A to Z of financial terms
- Tips on how to save money
- Advice about getting a bank account if you’ve been excluded in the past
- Dos and don’ts for communicating with your creditors
- Advice about debts and benefits
- Avoiding loan sharks and other high-interest lenders
- Links to other helpful sites
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What is financial exclusion?
Using debit cards, direct debit and internet banking can make life simple
and help you get in control of your finances in a number of ways:
- Paying household bills can sometimes be cheaper if you do it by Direct Debit.
- Having a bank account will help keep your money secure, enabling you to save for necessities or make provision for the future.
- Having a debit card may help you save money by buying goods on the Internet.
In addition, you may not have enough savings,
and could end up borrowing money to buy essential items. This will be made worse if you do not have a bank account, as you may have to resort to
doorstep lenders, who may charge much higher interest rates. Having a bank account may help you borrow at a fairer rate.
Missing out on
the benefits from having a bank account or debit card, or being able to use direct debit or internet banking - either because you have been refused,
or through choice - is known as financial exclusion.
How is WDH helping to tackle it?
WDH is working with its partners to combat financial exclusion.
Our work includes:
A number of other organisations have performed research in this area. These include the Housing Corporation and the Joseph Rowntree Foundation.
You can find more information on their work, and the issue of financial exclusion by viewing
the
Joseph Rowntree Foundation study.