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The Food Club is a highly innovative partnership between Fair for You and Iceland Foods, providing small sum, interest-free credit to a demographic that has been hit hard by the cost-of-living crisis. Our evaluation indicates it has been highly successful: reducing the use of interest bearing credit for essentials, and helping people stay on top of their household bills. And it has improved diets; stopped children from going hungry, and improved both physical and mental health in many cases.
Over the past two years there has been increasing concern about levels of illegal lending. But estimates of its scale vary widely. This study involved secondary analysis of the FCA's Financial Lives Survey for 2020. The findings highlight that recent small-scale surveys indicating a significant rise in illegal lending are likely to be unreliable, and that over-indebtedness and previous, legal, high-cost credit use are dangerous drivers that need to be addressed.
With the cost-of-living crisis deepening, we undertook an independent evaluation of Fair for You's Food Club and Shopping Card trials with Iceland Foods. The products provided households with small sum credit at low interest rates to households. The evaluation revealed that the trials improved financial well-being and diets, and we recommend that the products be rolled out at scale.
The Covid-19 pandemic posed a considerable risk to the community finance sector. To assist, Fair4All Finance's Covid-19 Resilience Fund provided £3.9 million of support to 31 community finance providers. Read our independent evaluation here.
The Financial Conduct Authority is in the final stages of consulting on its proposals for a new Consumer Duty, which focuses on ensuring improved outcomes for users of financial services and products. In this briefing we consider how the proposed duty could help to address long-standing problems associated with ‘relending’ in the UK’s consumer credit markets.
In 2016 we were jointly commissioned by UNISON and the TUC to undertake an analysis of over-indebtedness in Britain. The report highlighted how traditional measures of the debt burden understated this because they fail to take account of rising living costs. We construct a new measure based not on gross incomes but on the level of interest payments relative to the available surplus of income over non debt related expenditure. We call for this measure to be used to guide future policy interventions.
The pandemic's impacts have been extremely unequal. And there are implications for the way we should assess credit risk. In a briefing paper for the University of Birmingham's Centre on Household Assets and Savings Management ('CHASM'), we call for credit scoring systems to incorporate social justice considerations.
In October 2019, we were commissioned by The Commonwealth to review international approaches to deal with rising household debt. This led to a discussion paper which we presented to Commonwealth Central Bankers at the IMF/World Bank event in Washington DC.
We need urgent action to address Britain’s household debt crisis. Even before the Covid‑19 pandemic 7.2 million people (fourteen percent of the population) were heavily burdened by debt.
This report provides an assessment of the social benefits that have been created by Fair for You: a Community Interest Company providing affordable credit to families with incomes in the lower half of the income distribution throughout the UK.
