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Financial Education: The Money House

A simulated living programme in a real flat helping young people in, or about to move into housing, manage their money and remain independent. We take referrals on a continuous basis. Based in Greenwich, London. Expanding to Newham soon. Read more

Format: Monday-Friday, 10.30am-3.30pm. A one day workshop can also be delivered.

Target Group: 16-25 year olds.

Group Size: 4-10 young people

Financial Education: The Money House Information Sheet PDF

Money House Referral Form.

How does it work?

This programme arms young people with practical financial & digital skills to pay their rent, bills and living costs whilst making informed positive choices about their future.

The Money House (TMH) is a real-life flat! Financial education workshops take place in a fully kitted out flat, not a classroom. It looks and feels like a typical flat that young people would aspire to live in when they get their own tenancy. MyBnk’s programme will help them become more confident about money and living on their own by providing real-life skills in a unique setting that brings financial education to life.

Practical, interactive learning. At TMH there are no lectures. Interactive games and activities involve young people in every aspect of their learning. Our Education Officers are young, trained, tested and enthusiastic, and it shows in the feedback we get from all the young people who attend.

Impact

  • Attendees are three times less likely to have rent arrear issues than their peers.
  • No one who has completed TMH has been evicted.
  • Landlords have reduced costs and secure more rent with fewer arrears.
  • 98% of participants that completed the training feel more financially confident.

Sessions also provide:

  • Extra support to understand benefit changes and implications – Universal Credit; LHA Housing Benefit Cap.
  • Financial digital skills to help them navigate the financial maze and make the most of their money.
  • Participants are better prepared to live sustainable independent lives.

Young people will also receive:

  • A hot lunch plus travel expenses.
  • Approved childcare if needed.
  • We can also provide sessions at an alternative location.
  • Accreditations or certificates.

Formats & Content

One week – Ideal for Leaving Care, NEETs and those at risk of eviction / homelessness.

TMH covers:

  • Tenancy agreements – Rights & Responsibilities.
  • Cost of moving in.
  • Avoiding eviction.
  • Paying household bills.
  • Choosing utility providers.
  • Banking – Accounts & Savings.
  • Borrowing safely.
  • Budgeting – Weekly & Monthly.
  • Spending habits – Good & Bad.
  • Shopping – Offers, consumer rights.
  • Benefits – Entitlements & Universal Credit.
  • What’s next – Planning for the future?

Participants can receive a Level 1 Money Management qualification.

 

One Day – Ideal for students or those in-work

TMH covers:

  • Tenancy agreements – Rights & Responsibilities.
  • Avoiding eviction.
  • Paying household bills.
  • Choosing utility providers.
  • Banking – Accounts & Savings.
  • Borrowing safely.
  • Budgeting – Weekly & Monthly.
  • Benefits – Entitlements & Universal Credit.

Participants receive a TMH Completion Certificate.

Eligibility

  • Housing: For those eligible for social housing, accessing housing support from their local authority (LA), or moving into independent living in the private rented sector.
  • Already a tenant or has expectations of a tenancy: Living in LA supported housing, LA temporary accommodation, bidding for own social housing tenancy, accessing support from LA to help them into private or social housing or moving into private housing independently.

Referrals: To refer a young person contact themoneyhouse@mybnk.org or register your interest using our Referral Form.

TMH is funded by JPMorgan Chase Foundation, Berkeley Foundation and Hyde Housing. The project was previously run by Hyde housing.

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