Independent living skills for young tenants in Big Brother project

Written by , July 31, 2013

Young tenants are taking up residency in the Big Brother style ‘Money House’ to prevent...

Young tenants are taking up residency in the Big Brother style ‘Money House’ to prevent homelessness, debt and unemployment.

MyBnk’s experts have helped Hyde Housing build the curriculum for the pioneering financial education programme, which, complete with diary room, simulates independent living for 16-24 year olds. 1,200 young people in or at danger of falling into rent arrears or losing their tenancies will spend a week learning the skills they need to maintain their homes.

They will:

  • Improve budgeting skills
  • Learn to negotiate bureaucracy
  • Choose good value financial products
  • Learn to cope with money set-backs

The new Universal Credit system of benefit payments puts the onus on individuals to manage their money and many landlords are making financial literacy programes a compulsory part of tenancies.

Sessions include:

  • Budgeting and income.
  • Living independently.
  • Borrowing and being informed.
What do young people think?

“I know what to expect when I get my own flat. And what to do when you get into money problems such as rent arrears.”

“I have learnt to budget my money monthly instead of weekly in order to save more money. Also, I have learnt about different banks and money lending policies. For example how much APR they charge you after borrowing. I have learnt to check how I can reduce outgoings by differentiating needs and wants and priorities.”

Lily Lapenna, CEO & Founder MyBnk said:

“We were thrilled to have consulted with Hyde Housing to create something as engaging and relevant to young people as the The Money House. Learning how to budget, choosing a bank and prioritising debt can feel daunting and somewhat boring. At MyBnk we make financial education fun, accessible and relevant to young people’s lives – this is The Money House!”

Councillor Steve Offord, Lead Member for Housing said:

“It’s an innovative and positive project led by enthusiastic workers. This project fits admirably with the Council’s aim to motivate and support young people as they face unprecedented pressure on both their aspirations and quality of life.”

To refer a young person for the training or to find out more please e-mail [email protected]uk or visit The Money House Facebook page for financial tips and points of interest and updates on training.