HR&A Advisors’ Post

I am so very proud to have helped lead this study which highlights the issue of financial exclusion, the inequities it perpetuates, and the costs it imposes on households and society more broadly. Guaranteeing the right to a bank would have a profound impact on the financial health of our most economically vulnerable residents, offering savings on punitive interest and fees, and add billions to California's economy through new household spending. #publicbanking #financialinclusion

Let’s talk down payments. In Q1 2024, the national average down payment increased to 13.6.%. In my observation, here in NJ, it’s usually higher. Here are the states with the largest down payment percentage growth in Q1 2024 (not surprisingly, NJ is on this list): 1. New Hampshire (from 17.50% in Q1 2023 to 20.90% in Q1 2024 – up 3.4 ppts) 2. Rhode Island (from 14.40% to 16.70% — up 2.3 ppts) 3. Connecticut (from 13.90% to 15.70% — up 1.8 ppts) 4. New Jersey (from 16.30% to 18.00% — up 1.7 ppts) 5. Washington (from 15.50% to 17.20% — 1.7 ppts)

On July 31, Senate Banking Chair Sherrod Brown led 16 of his colleagues to stand in unprecedented solidarity with millions of renters nationwide. Specifically, they called upon the Federal Housing Finance Agency to fulfill its obligation to facilitate access to affordable housing for low- and moderate-income families by implementing tenant protections for all renters living in federally-backed homes. These tenant protections include limits against egregious rent hikes, transparency regarding rents and fees, a requirement for good cause for evictions and lease non-renewals, enforceable protections against discrimination, and more. These Senators’ letter is one of over 3000 comments submitted in response to the FHFA’s Request for Input on multifamily tenant protections and one of over 2000 in support of increased protections for the 12 million renters living in federally-backed homes. Read the full letter here:

🐘 𝗟𝗲𝘁'𝘀 𝗧𝗮𝗹𝗸 𝗔𝗯𝗼𝘂𝘁 𝘁𝗵𝗲 𝗘𝗹𝗲𝗽𝗵𝗮𝗻𝘁 𝗶𝗻 𝘁𝗵𝗲 𝗥𝗼𝗼𝗺 🐘 It's no secret that discussing finances can feel like tiptoeing through a minefield, especially for us in our twenties. This recent study by Citizens Advice reveals a startling truth: 𝘁𝗵𝗲 𝗺𝗮𝗷𝗼𝗿𝗶𝘁𝘆 𝗼𝗳 𝘂𝗻𝗱𝗲𝗿-𝟮𝟱𝘀 𝗳𝗶𝗻𝗱 𝘁𝗮𝗹𝗸𝗶𝗻𝗴 𝗮𝗯𝗼𝘂𝘁 𝗺𝗼𝗻𝗲𝘆 𝘂𝗻𝗰𝗼𝗺𝗳𝗼𝗿𝘁𝗮𝗯𝗹𝗲.😟 In a world where we are constantly encouraged to speak up about everything from health to politics, why does money remain a taboo topic? Many of us have friends who brush it off with a casual "I'll figure it out" or "I try not to worry about it." But the reality is financial health matters, and ignoring it won't make it disappear. 🤷♂️ The cost-of-living crisis, soaring rents, and high levels of inflation are putting immense pressure on young adults. Yet, embarrassment and fear of comparison keep us from seeking support or even discussing the topic. This is why initiatives like Citizens Advice's giant inflatable elephant in Manchester are crucial. It's time to break the silence, open up the conversation, and normalise talking about money. 🐘 💷 Let's start by sharing articles like this, by being open about our own financial journeys, and by supporting friends who might be struggling. Together, we can turn the elephant in the room into a topic we tackle head-on.🗣️ #financialhealth #LetsTalkMoney #breakingthesilence 🐘💬 https://lnkd.in/dKUckgns

📢 Feeling the pinch of the rising cost of living? Recent stats reveal a distressing truth: credit cards are becoming a lifeline for millions of UK households. 📊 Despite this reliance on credit, households are still grappling with arrears. In fact, a staggering three-quarters of households find themselves in arrears with at least one bill or lending commitment. Even more alarmingly, 44% are behind on three or more bills. 🤝 Lines Henry stands ready to assist during these testing times. With our expert guidance, you can chart a course towards financial stability. Get the support you need today: ☎ ️0800 012 6649 💻 https://buff.ly/2VIV8Uv #personaldebt #costoflivingcrisis #insolvency #freeadvice #trustedadvice #businessadvice #debtadvice #freeconsultation #debtsolutions #financialhelp

No ‘one-size-fits-all’ solution to local government’s financial difficulties, says new minister Simon Hoare https://lnkd.in/exEvvEmV And nothing is currently happening with a fair funding review or reform of the local government funding formula, Hoare told MPs. #localgovernment #localgov #funding #fairfunding #finance #budgets #s114 #s151 Department for Levelling Up, Housing and Communities

The Financial Inclusion Commission just published a report calling on the next UK Government to bring forward a National Financial Inclusion Strategy. 𝐊𝐞𝐲 𝐃𝐚𝐭𝐚: 5% of UK households do not even have a current account. About 70% of those were aged 65 or over. 7% Seven percent of UK adults were digitally excluded in 2022. 13% of people who had held insurance in May 2022 had to cancel it to cover specifically to save money due to the rising cost of living. 18% of families had no savings in 2021-2022. 22% of adults increased borrowing due to the cost of living crisis.

Income protection Awareness week! The stats are so scary! Only 8% of adults in the UK have income protection 52% of people will rely on savings. However, 31% of people in the UK have less than £2000 savings, with the average only being £2431. 42% of adults believe they would financially struggle after 1 month. SSP only £109.40 per week Average claim age ONLY 39 years old (legal and general 2022 claim stats) Average claim length 7.2 years Approximately 62% of companies in UK only pay SSP. Get in contact if any of these stats get you thinking.

Are you the BILL payer in your home? Does someone do it all for you? If either of these are you like "over 70% of respondents said one person dominates sorting the finances in their household. And over 44% of voters said one person controls all the finances in their household." (Martin Lewis, 2023) This is the worry I have for my own family, if one day something freak happens and no one would know anything about my outgoings, how to access it, where my policies are, utilities etc. Age UK have put together a financial fact sheet to leave somewhere special and where they know its kept. (DON'T INCLUDE PASSWORDS) Policy number etc is fine. I will leave the document below as well as relevant links to all information. If you don't write anything down assests may go to family members if you're lucky, if not it goes to the government. Also appointing someone as a 'Lasting Power of Attorney' incase of sudden illness or accident is crucial. Lasting Power of Attorney: https://lnkd.in/e6wzWa-e Martin Lewis Article: https://lnkd.in/eYUTjFfC Age UK Link: https://lnkd.in/e7bxy2cy #MartinLewis #FinancialFactSheet #LastingPowerOfAttorney #PlanningForTheFuture #GetAhead