We are proud to launch The Money House Manchester. We promoted our expansion in the Northwest of England at an intimate event for funders and local stakeholders last week.
This Talk Money Week, why not ‘do one thing’ to improve financial wellbeing and help us share the news or book financial education sessions for your young people.
Attendees trying out MyBnk activities at the launch event
The launch of the new hub comes at a time when financial education is more important than ever. Despite the cost-of-living crisis being the major worry for young people, research from MyBnk and Compare the Market shows only 2/5 of young adults are financially literate. MyBnk will provide young people in the Northwest of England with the tools and resources they need to manage their money effectively.
The need in the North West of England:
- Over half (55%) of adults are vulnerable to financial problems. (FCA)
- Almost half (47.3%) of adults have fewer than £100 in savings. (MAS)
- The recent Pathfinder Impact Report shows that 65% of young people supported by the Greater Manchester Bridges Outcomes Partnership (GMBOP) in Greater Manchester experiencing or at risk of homelessness consider financial instability as the most important barrier to sustaining accommodation.
The hub will deliver programmes for 7-25 year olds, including MyBnk’s youth homelessness prevention project, The Money House. This fully funded 3–5-day course is aimed at young people entering independent living and teaches 16–25-year-olds how to manage their money and maintain their tenancy. In Manchester, the project is funded by our corporate partners, including the abrdn Charitable Foundation, supported by interactive investor. The project is already well-established in London, Glasgow and Birmingham and won the London Homelessness Awards in 2021. After the programme, 95% of participants feel confident with managing their money.
MyBnk youth ambassadors at the event
Leon Ward, CEO of MyBnk, said:
“We are delighted to launch our new hub in the Northwest of England. This region has a young and dynamic population, and we are committed to helping young people develop the financial skills they need to succeed. We will be delivering our programmes right across the region, from Liverpool through Manchester to Yorkshire.
We are also pleased to support Talk Money Week – an important opportunity to encourage people to talk about money more openly. We hope that our resources and activities will help people to learn more about money and improve their financial wellbeing.”
Matt Johnson, Regional Partnerships Manager for the Northwest, said:
“The cost-of-living crisis is making it more difficult than ever for young people to manage their money. From sessions in schools and colleges to youth homelessness prevention, our new hub will provide vital support to young people in Greater Manchester and beyond, helping them to make informed financial decisions and build a better financial future.”
For more information or to book programmes for your young people, please contact matt.johnson@mybnk.org.
