The Money House

A financial literacy programme aimed at preventing youth homelessness. Taking referrals on a continuous basis. Based in Greenwich and Newham

Independently Assessed

Format

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

Target Group

16-25 year olds

Group Size

4-10 young people

Information Sheet PDF

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Content

The Money House (TMH) helps young people in, or about to move into housing, manage their money and remain independent.

Participants gain practical financial and digital skills to pay their rent, bills and living costs whilst making informed choices about their future.

Sessions 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. Our experts 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.

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.

The Money House Youth Homelessness Report

Topics include:

  • 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.
  • Online safety and spotting scams.
  • Risks of money muling.
  • What’s next – Planning for the future?

Sessions also provide:

  • Extra support to understand benefit changes and implications – Universal Credit; LHA Housing Benefit Cap.
  • Digital skills to help them navigate the financial maze and make the most of their money – Open Banking; comparison websites; changing utility providers etc.
  • Signposting to relevant services that can assist young people further if required – StepChange; ChangeGrowLive etc.

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 [email protected] or register your interest using our Referral Form.

Impact:

  • Participants are three times less likely to have unsustainable arrears.
  • We see a 45% reduction in young people incurring bank charges and missing bills.
  • A 22% increase in those borrowing safely, and therefore avoiding loan sharks.
  • A 27% increase in confidence managing money, which exceeds the national average.
  • Landlords have reducing costs and securing more rent with fewer arrears.
  • Every £1 spent on TMH generates £3.36 in social value.

Data via Money Advice Service – What Works Fund 2018.

TMH is funded by

Case Studies

From opening a first bank account and trading in real markets, to moving out of care and into independent living, MyBnk’s financial education workshops and enterprise experiences pack a BIG punch!

"Before MyBnk, I just spent"

"I'm getting them on this course!"

“MyBnk changed my life”

Impact After Our Programmes

54

Are now saving

35

Are now budgeting

3

Now have a current account

The Money House Team

"An investment in knowledge pays the best interest" [Benjamin Franklin]. We help young people go out into the world with sound financial knowledge and to reap the benefits of that knowledge".

Madeleine Berry

Project Manager – The Money House

"MyBnk is paving the way for a new generation that will be able to pay their own way, have deposits for their own homes and build their own enterprise. It really is the future."

Tope Chiedozie

Education Officer - The Money House

"Hindsight, insight and foresight is the key to knowing yourself in life."

Natasha Gray

Training Assistant - The Money House

“The work that we do as an organisation is highly valuable to each and every young person out there. The way that I engage young people and do my job is a true reflection of how much I enjoy working for MyBnk.”

Shaneka Griffith

Training Assistant - The Money House

"MyBnk shapes young futures into brighter futures by equipping young people with the financial knowledge and tools needed to succeed. MyBnk gives young people valuable skills which they can use in everyday life."

Jade Edwards

Project Coordinator - The Money House

“Working because you want to not because you have to is financial freedom”.

Seraye Delnissaw

Project Administrator - The Money House

Supporting The Money House project to help young people moving into independent living.

JP Morgan Chase & Co.

The Money House

Supporting The Money House project to help young people moving into independent living.

The Berkeley Charitable Foundation

The Money House

Supporting The Money House project to help young people moving into independent living.

L&Q

The Money House