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Virtual Money House

A live online accredited financial literacy programme aimed at preventing youth homelessness – Taking referrals on a continuous basis for 16-25 year olds in or receiving help from the Royal London Borough of Greenwich, Newham, Lewisham, Tower Hamlets, Westminster or Haringey

Format

4 days. Tuesday – Friday, 10.30am – 3.30pm

Target Group

16-25 year olds

Group Size

5-7 young people

Information Sheet PDF

Download

Refer a young person

Content

Virtual Money House is a live online accredited financial literacy programme aimed at preventing youth homelessness.

Young people living on their own, or about to, often need money management skills to help stay independent.

With us there are no lectures, no jargon, no judgements – just straight up, fun and easy-to-understand money tips and talk. This helps them become more confident about living on their own.

Our trainers are trained, tested, enthusiastic and near-peer, and it shows in the feedback we get from attendees – many of whom say: “I thought this was going to be boring”.

The Money House Youth Homelessness Report

These secure expert-led sessions take place on Zoom. Young people require a PC, laptop or smartphone with a working microphone, speaker, webcam and stable internet connection and a quiet environment. To substitute lunch provision, participants get a supermarket voucher at the end of the week.

A direct in-person version is also available.

See our upcoming open days.

Topics

Keeping your tenancy:

Tenancy agreements.
Avoiding eviction.
Household costs.
Choosing utility providers.

Aspirations and Independent Living:

Employability.
Boosting Income.
Benefits.
Money Habits.

Money Management:

Banking.
Borrowing.
Budgeting.
Debt.
Consumer Rights.
Money Safety.

Eligibility

Young people who are:

Living in or receiving help from the Royal Borough of Greenwich, Newham, Westminster, Lewisham, Tower Hamlets or Haringey.
In or eligible for social housing.
Leaving care, particularly those ready for move-on.
In a local authority housing pathway.
Not in education, training or employment.
Already in independent living with problem arrears.

Referrals

To refer a young person contact themoneyhouse@mybnk.org. Existing referrers can use their referral form or our online booking system.

Impact

Participants are three times less likely to have unsustainable arrears.
64% drop in evictions for those at-risk. 45% reduction in young people incurring bank charges and missing bills.
Significant increase in financial confidence, safe borrowing and regular debt repayment.
Increases in financial inclusion and good money habits.
Landlords have reduced costs and secure more rent with fewer arrears.
Every £1 spent on The Money House generates £3.36 in social value.

Data via Money Advice Service – What Works Fund 2018.