Londoners are facing some of the most significant financial challenges in the UK. 75% of Londoners put the cost of living as their top concern last year and housing affordability was the second-biggest issue for Londoners with 59% of people surveyed citing it as a top concern last year.
SuperFi, the innovative financial wellbeing app, has partnered with Peabody, one of the UK’s largest housing associations. Together, they are launching a pioneering scheme in Thamesmead to assist residents with bill management, enhance financial resilience, and tackle problem debt. Residents who pay their bills on time will receive cashback rewards. They can also use various money-saving tools that potentially offer annual savings of up to £1,488.
The app is free for Peabody residents in Thamesmead, providing a range of innovative tools and resources to support residents facing rising bills during the ongoing Cost of Living crisis. This pilot program, funded by the Greater London Authority’s Tackling Poverty Challenge, aims to empower residents by providing essential financial tools to help manage bills, maximise incomes, save money on shopping and foster long-term financial stability.
The SuperFi app leverages secure Open Banking technology to simplify money management. It consolidates bills, credit commitments, and even Buy Now Pay Later accounts into one place, making it easier for users to stay on top of their payments. Additional features include a government benefits checker, a social tariffs finder, and information on council tax discount schemes, helping users reduce their expenses and boost disposable income.
Residents participating in the program can earn cashback rewards for timely bill payments, with discounts available at hundreds of supermarkets, high street stores, and online retailers. The app can also track spending and alert users of any upcoming bills they might struggle to pay. For those who are facing problem debt, SuperFi has partnered with StepChange, the UK’s leading debt charity, to provide integrated access to specialist advice.
Caroline Turberfield, Finance Director at Peabody, said: “This partnership with SuperFi offers practical and innovative support to our residents in Thamesmead. With the ongoing cost-of-living crisis, initiatives like this not only provide essential financial tools but also help build resilience within communities.”
SuperFi’s impact goes beyond just providing tools – 90% of users agree that the app helps them avoid missing bill payments, while 86% say it encourages them to contact bill providers early when facing payment difficulties.
Londoners are facing some of the most significant financial challenges in the UK. Research reveals that 36% of Londoners struggle with rent payments – higher than the national average of 29%. Additionally, Londoners experience higher rent arrears (£1,400 on average compared to £950 nationwide) and carry more credit card debt (£7,210 vs. £6,760) and overdraft debt (£1,600 vs. £1,440).
Tom Barltrop, Co-Founder and CEO of SuperFi, said: “SuperFi’s mission is to support individuals during times of financial difficulty. Partnering with Peabody allows us to deliver impactful solutions to Londoners struggling to pay bills during this ongoing Cost of Living crisis. To date, SuperFi has helped users identify more than £2 million in additional benefits and reduced missed bill payments by 10% each month, showcasing the app’s ability to improve financial wellbeing.”
How to Sign Up
Peabody residents in Thamesmead can sign up for SuperFi by following these simple steps:
- Go to the App Store (iOS) or Play Store (Android) on your smartphone.
- Search for ‘SuperFi,’ download the app, and begin registration.
- Enter your (Thamesmead) Peabody residents’ payment reference number when prompted.
Spaces are limited, so eligible residents are encouraged to sign up promptly. Non-residents can join the SuperFi waitlist at www.joinsuperfi.com.
