Financial Wellbeing Strategy

Financial Wellbeing Strategy Consultation

We recently consulted with tenants on the Financial Wellbeing Strategy. We consulted by:

• Creating a dedicated web page, online survey, and included it in our tenants newsletter in March.
• We telephoned tenants in financial hardship, and engaged with prospective tenants too, to understand what issues impacted their finances and to gain an understanding of what help we can provide to prepare residents in maintaining their new home.

What was the strategy’s aims?

We want to increase the work we do to help our tenants become more financially stable and reduce the risk of their tenancy failing.
We want to support tenants more effectively by dedicating resources and services to them. Therefore, we are putting in place a plan to prepare tenants to manage their new home, support tenants to grow their income through education and employment and maximise our tenant’s disposable income.

Your feedback

The consultation indicated the following:

• Fuel bills are the highest financial wellbeing issue of concern for tenants, following low income, existing debt, and food shopping.
• Tenants have suggested many areas where they think the council could intervene. These include budgeting, debt advice, help with employment, and economic and nutritious food shopping.
• Participants indicated that pre-tenancy support would be valued to support tenants value – but particularly identify the need with support with furniture and decoration.
• People value the use of incentives to encourage take up schemes
• Training for young people on housing options is also considered useful

 Survey results

As a result of the consultation, we had added the following to the strategy:

1. Ensure tenants have access to essential items including furniture, bedding, and making children’s needs a particular focus
2. Ensure prospective tenants are aware and preparing for paying rent in advance
3. Provide advice on seeking competitive energy provider for new tenants