Fair By Design collaborated with The University of Bristol Personal Finance Research Centre on a research project to better understand the causes and the economic impact of the poverty premium on a local level across Britain.
The poverty premium, the extra costs people on low incomes and in poverty pay for essential products and services, is having a huge impact on local economies and people’s pockets:
- A quarter of British households (24%) are estimated to experience at least one type of poverty premium.
- On average the poverty premium costs £430 per year for a low-income household.
- Each British constituency loses £4.5 million a year to the poverty premium.
- The North East of England has the highest proportion (27.7%) of households incurring the poverty premium.
What is the poverty premium costing your local area?
As part of the project we have created an interactive map which allows you to see the poverty premium in your parliamentary constituency.
The interactive map not only allows people to see the total cost of the poverty in your constituency but for the first time shows key data on a range of poverty premium’s. You are able to see the impact prepayment meter’s, insurance premiums and high-cost credit premiums have on local economies.