In September 2020 Fair 4 All Finance published a report on the social impact of Fair for You which they had commissioned from the Centre for Responsible Credit.
The CfRC research included a survey of more than 3,500 customers and analysis of over 50,000 loan records.
It finds that by providing fair, decent, and flexible loans to help low income families obtain essential household items including beds, cookers, fridges, and washing machines, Fair for You has not only eased their financial burdens but also had hugely positive impacts for their health and well-being, including that of their children.
Headline findings include:
- Fair for You has generated at least £50.5 million of social value for 33,500 customers since starting its operations in 2015.
- 60% of Fair for You customers are now better able to pay their rent, Council Tax and other household bills as a result.
- Fair for You has helped an estimated 71% of its customers move away from high cost credit, realising just under £9 million of financial savings
- Over £2 million saved from reduced use of NHS services, due to the positive health benefits of having essential home items
The report also identifies over 20 types of customer impacts. These include reduced living costs, healthier diets and improved mental health.
Sacha Romanovitch, CEO of Fair4All Finance said:
“We’re pleased to have been able to support Fair for You in further tracking their social impact. This report provides a compelling assessment of the impressive and far reaching benefits they have created. Benefits that are realised by the very customers who need them most.”
CfRC Director, Damon Gibbons, warned that too many low-income families are currently living in material deprivation and called for more to be done:
“Far too many homes lack the items most of us take for granted. In 2020 Britain it is truly shocking that many low-income families are living without cookers, fridges and washing machines, a table to eat their meals from, and decent beds.
This report shows how providing low income families with access to essential items not only improves their lives but also has positive impacts on the payment of rent and Council Tax and reduces the demand on health services.
We need a clear strategy, including investment, to end material deprivation as a matter of urgency. We are therefore calling for local authorities, housing associations and utility companies to join forces with Government and social investors to help scale up Fair for You as part of a wider strategy to end material deprivation in the UK.”
Chair of the Trustees of the Fair for You charity, Tom Levitt, said:
“Everyone at Fair for You is very proud of the achievements outlined in this report. Helping people is what we’re here for and this report shows beyond doubt that good finance is linked to good health and welfare, too.”