New advisor to help poor budget

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The Chartered Institute of Housing (CIH) has appointed a new financial capability advisor to work with councils, housing association and management companies to ensure that households are given access to services that can help them to plan their money.

Funded by the Financial Services Authority, the post is part of a drive to improve financial capability among the poorer parts of society.

Figures show that social housing tenants account for 70% of the most financially excluded households in the UK, with less access to financial services than any other group.

The new financial capability advisor will help councils and housing associations develop new approaches to tackle the problem.

Sharon Wheeler, who will take on the role from June 11, said: "We know that social housing tenants often miss out on good value loans, the best savings products and cheaper gas and electricity prices because they don't have a bank account or are not confident in planning their finances.

"Working for the CIH, I will have the chance to reach many of these people through their council or housing association landlords, who are often the only trusted link to money advice and reputable banking services."

Merron Simpson, head of policy at the Chartered Institute of Housing, said: "Financial capability is now firmly on the Treasury's agenda - with a commitment to establish a new generic financial advice service and support to develop the role of credit unions and other third sector lenders.

"Local authorities, ALMOs (housing management organisations) and housing associations have a huge role to play, being landlords to many of the most financially excluded people."