Emily, who is 18 and from Greenwich, took part in The Money House programme this year: “I study Health and Social Care at college. I’m doing this course so I can learn how to manage my money.”
The programme is delivered by financial education charity MyBnk. It provides support for young people – predominantly care leavers – who are getting ready to move into their own flat and face an increased risk of eviction and homelessness. Participants spend a week building the practical skills to manage their living costs, maintain a tenancy and make informed choices about their future. Sessions take place in a real flat, so young people can put their learning into practice straight away.
Emily says: “Because I have disabilities and mental health issues the council put me in supported housing so there’s help if I need it. I want to learn what to expect when I get my flat, so I know how to look at different options paying for bills.”
We have funded The Money House since 2017, and the programme is now delivered in Greenwich, Newham, and Westminster with a further house in Haringey opening in summer 2020. In 2019, 541 young people were supported through the programme. An independent evaluation by ERS showed that participants were three times less likely to have problem rent arrears than their peers, and were more likely to be regularly paying off debt.
I’m going to keep at college, doing my Level 3 in Health and Social Care and then hopefully go to university to do midwifery.Emily, 18, Greenwich
541young people – predominantly those leaving the care system – were supported through the programme.
x3Participants were three times less likely to have problem rent arrears
54%had increased regular debt payments.
Carla is a young person with experience of care who was referred to Settle, an award-winning social enterprise, in June 2019. She was about to move into her first home when they got in touch.
Jane is 24. She was made homeless after experiencing family breakdown, and found herself alternating between sleeping rough, sofa surfing, and staying in all-night bars to keep out of the cold.
Owen used to run a mechanics business and owned a house in London, but was a victim of theft and fraud and lost both his business and his home.
The Berkeley Foundation is the working name of The Berkeley Charitable Foundation, a registered charity in England and Wales (Charity Number 1152596), a company registered in England and Wales (Registration Number 8548400).