FAIR BY DESIGN IS A CAMPAIGN AND A VENTURE FUND DEDICATED TO ENDING THE EXTRA COSTS OF BEING POOR
“The poverty premium targets those who can least afford it and we all – government, business, regulators and the wider public should be working towards eradicating these unfair charges on essential services and products.”
Michael Sheen, Actor and Founder of the End High Cost Credit Alliance
WHAT IS THE POVERTY PREMIUM?
There are around 14 million people in the UK (20% of the population) living in poverty. Many of these people pay more for a range of essential products and services. This is the Poverty Premium, the extra cost of being poor.
The extra costs of being poor cost the average low income household £490 a year, but for more than one in ten of these households it costs at least £780.
BEING POOR COSTS MORE WHEN:
The washing machine breaks and you have no money. So you go to a payday lender, or a rent-to-own company, where you’ll end up paying three times as much as other people pay up front for the same washing machine on the high street.
You need to top-up the electricity meter to do the washing and if it’s pre-pay, on average, you will pay a third more than paying by Direct Debit, which you can’t afford.
The washing machine breaks and you have no money. So you go to a payday lender, or a rent-to-own company, where you’ll end up paying three times as much as other people pay up front for the same washing machine on the high street.
You need to top-up the electricity meter to do the washing and if it’s pre-pay, on average, you will pay a third more than paying by Direct Debit, which you can’t afford.
WHY LIFE SHOULDNT COST MORE IF YOU’RE POOR
Shirley’s Story
“My name is Shirley and I live in poverty”- One person’s story of struggling to make ends meet, and the impact of the Poverty Premium.
FAIR BY DESIGN CAMPAIGN & FUND
Our campaign collaborates with industry, government, regulators and other key partners to design out the Poverty Premium, and raise awareness amongst the public to bring about change. Our venture fund provides capital to help grow new and scalable ventures to innovate the market.
