Voluntary Action Rotherham

From this week the consumer financial education body (CFEB) has become the new Money Advice Service. This new independent national organisation will aim to help people improve their understanding of, and ability to manage money. Their website www.moneyadviceservice.org features a range of resources as well as providing more information on how this service will work.

Urgent restrictions on Crisis Loans have been announced in order ‘to protect the discretionary Social Fund budget, which could run out before Christmas if current spending levels continue.’

Over 40 partner organisations were represented at a financial inclusion event organised by the VAR financial inclusion team on 15 Feb at the High Street Centre. 

The event provided a key opportunity for partners to both:

- Explore the new Financial Inclusion Strategy for Rotherham 2011-14 

- Outline their views on key priorities for action going forward against a backdrop of the current economic climate and limited resources.

In his keynote address, Cllr. Mahroof Hussain expressed recognition of the continued importance of addressing financial exclusion, particularly in these harsh economic times. 

He echoed the views expressed in the strategy of:

- The need to target limited resources to meet the needs of the  most vulnerable families in our Communities, for whom the costs of financial exclusion are up to £1300 per annum per household. 

- The vital role of partner agencies in promoting and supporting financial inclusion work for the mutual benefit of both service users and their respective organisations.     

 An event report outlining 'next steps' in the development of the strategy and action plan will be available for download shortly.   In the meantime if you would like more information about any aspect of the strategy or how your organisation can get involved please contact Jane Woodford, Financial Inclusion Manager T: 01709 726896 E: This e-mail address is being protected from spambots. You need JavaScript enabled to view it    

Research from the Joseph Rowntree Foundation has indicated that the spending power of seven million of Britain's poorest will fall by 10% in the next decade, in a continuing trend that has already seen workless households have their spending power reduced by 10% in the ten years up to April 2010. The research suggests that by 2020 these household will have had their spending reduced by a fifth.

The research cites persistent growth in basic household costs, on things such as council tax, public transport and water as key factors. The research shows that the cost of buying the basics, known as the minimum income standard (MIS) has increased by 38% in the last decade, whereas the RPI index, the inflation measurement to which benefit rates are tied, has increased by only 31%, leaving those dependent on benefits significantly worse off.

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