NEW RESEARCH - Encouraging social housing tenants to save more
Friends Provident Foundation is supporting Lemos&Crane to work with social landlords through action research to develop a practice framework to help them to encourage their tenants to save more, based on:
- Understanding tenants’ aspirations and potential motivations for saving
- Knowledge of suitable savings products, services and initiatives
- Tried-and-tested ways of promoting products, services and initiatives to tenants.
Lemos&Crane will be working with CHS Group, Hyde Group, Circle Housing Group, Aster Group, The Wrekin Housing Trust and Trident Housing Association over the next 18 months.
Social landlords are in a unique position to develop their tenants' savings habits and to design new savings products or schemes that match customers’ needs and aspirations. They have regular contact with their tenants and enjoy a relationship of trust. There is a strong business case for encouraging tenants to save - better money management and some money saved, especially at a time when many are experiencing greater hardship than before, will mean that more tenants are less likely to get into debt and fall behind with rent payments. There is also for many social landlords a social case: the notion of a ‘double bottom line’ where improving tenants’ life chances is valued as much as maximising rental income.
To find out more and to be kept informed with developments contact Carwyn Gravell – email@example.com.