The Money House

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

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 and helps prevent homelessness.

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.

See our upcoming Open Days.

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
MyBnk - Our Work - Financial Education - The Money House - Funders

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!

"It makes maths real!" Improving teens numeracy skills by understanding investment

"I'm getting them on this course!" Single mother Chantel, 19, takes control of her finances, and her future

"Learning to live independently taught me I had worth" Leaving care and dodging bankruptcy

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]

Madeleine Berry

Project Manager – The Money House

Tope Chiedozie

Lead Trainer - The Money House

"Take care of the pennies and the pounds take care of themselves!"

Wayne Jordan

Lead Trainer - The Money House

“Always remember to spend on your NEEDS, before your WANTS”.

Shaneka Griffith

Lead Trainer - The Money House

"Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you”. [Maya Angelou]

Natasha Gray

Training Assistant - The Money House

"MyBnk is more than just a job. It's a lifestyle!"

Nadia Lamaani

Training Assistant - The Money House

"If you want to be wealthy, think of saving as well as getting".

Jade Edwards

Project Coordinator - The Money House

“An investment in knowledge pays the best interest”. [Benjamin Franklin]

Seraye Delnissaw

Project Administrator - The Money House

“Everyone needs MyBnk in their lives."

Keeley Stephenson

Training Assistant - 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