In total £31m has been donated from the fund to tackle personal finance issues in social housing.
In the Royal Borough of Greenwich we’ll be helping young tenants by designing a new interactive Big Brother style “Money House” with Hyde Housing.
The aim is to improve the financial confidence of young people
Simulating ‘living at home’, young people will improve budgeting skills, learn to negotiate bureaucracy, choose good value financial products and learn to cope with money set-backs.
It’s a four year initiative and we’ll be taking up residency with the council, Meridian Money Advice, Greenwich CAB and Thames Gateway YMCA.
We are also training up 60 money mentors, MyBnk style, with the Metropolitan Housing Trust in Lambeth as part of their Young Peoples Financial Advice and Confidence Education (Face) project.
This is a great chance to help young people on that first rung of the ladder, prevent debt and shore up their transition to independent living.