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
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.
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!
"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]. We help young people go out into the world with sound financial knowledge and to reap the benefits of that knowledge".
"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."
"I take immense pleasure in working with MyBnk to create a more financially secure generation student by student."
“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.”
"Hindsight, insight and foresight is the key to knowing yourself in life."
"For me, MyBnk is more than just a job. It's a lifestyle! It's the missing piece to the puzzle of becoming an adult! It will teach you things like mortgages, APR and credit history. The kind of knowledge that doesn't get taught in schools! As I learn, I teach and as I teach, I learn. In order to succeed in this life, the cycle must go on!"
"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."
“Working because you want to not because you have to is financial freedom”.
“MyBnk to me is an absolute game changer for young people of this generation. It`s is the very thing that young people need in order to succeed independently and thrive in their finances. Everyone needs Mybnk in their lives."
Supporting The Money House project to help young people moving into independent living.
Supporting The Money House project to help young people moving into independent living.
Supporting The Money House project to help young people moving into independent living.
