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Canning Town scheme teaches young people to manage money

PUBLISHED: 10:01 02 November 2017 | UPDATED: 15:46 02 November 2017

Participants on the Money House programme Picture: MyBnk

Participants on the Money House programme Picture: MyBnk

MyBnk

Managing money correctly can make the difference between young people surviving or struggling when they move out for the first time.

Participants on the Money House programme Picture: MyBnk Participants on the Money House programme Picture: MyBnk

Now a week-long programme is aiming to ensure 16 to 25-year-olds in the borough are getting the support and skills they need.

Based in a flat in Ferrier Point, Canning Town, the Money House programme sees experts help young people leaving the care system or living in sheltered housing tackle rent, bills, budgeting and living costs.

It aims to help them make informed choices about their future and challenge attitudes towards debt.

Staff from banks and jobcentres are also on hand to help young people understand how they work.

Newham Council has made the scheme, run by education charity MyBnk and funded by The Berkeley Foundation, Hyde Charitable Trust and JPMorgan, mandatory for young people who want to bid for social housing.

According to the charity, there is a one in three chance of care leavers losing their first home, while across the country last year, one in five young people who are either homeless or facing it were refused council support.

Guy Rigden, CEO at MyBnk, said: “Being able to manage your money and budget a household could be the difference between independence and the streets.

“After the project, participants are three times less likely to have rent arrears than their peers, no one who has completed it has ever been evicted, and landlords have reduced costs and secure more rent with fewer arrears”.

Single mum Chantel Bishop, 19, took part in the Money House project and said: ““I have learnt so much. If this was a lesson at school, I would not miss it.

“What I learnt was so informative and the trainers are not like teachers telling you what to do, they share stories and they helped me understand.

“I’ve learnt about pay, online safety, small print and how to separate my needs and wants I would highly recommend this.

“I’ve two friends, who are also pregnant, and I’m getting them on this course!”

The scheme, which started out in Greenwich and expanded to Ferrier Point earlier this year, is taking referrals on a continuous basis.

For more information or to make a referral, including a self-referral, visit mybnk.org

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