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


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


Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files

Please log in to leave a comment and share your views with other Newham Recorder visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Newham Recorder staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Newham Recorder account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Latest Newham Stories

Yesterday, 17:50

Essex collected their first win of the Specsavers County Championship season when they despatched Lancashire by 31 runs with more than a day to spare at Chelmsford.

Jamie Porter

There was no grand finish at the Emirates, where the Hammers slumped to their 1,000th top-flight defeat at the hands of the goal-grabbing Gunners.

Mark Noble
Yesterday, 17:00

Young patients enjoyed a fairytale treat when a performing arts group visited Newham University Hospital.

Newham University Hospital

As has been witnessed for over a year now, knife and gang-related crime have increased in Newham particularly among those under 25 years of age.

University of East London
Yesterday, 11:00

Hackney Wick sealed a 3-1 victory against Hullbridge Sports to continue their strong finish to the campaign despite being relegated from the Essex Senior League.

Essex Senior League
Yesterday, 10:00

Lakeside Hammers boss Will Pottinger hailed last heat hero Nick Morris after they snatched a 45-44 win at Ipswich.

Richard Lawson
Yesterday, 09:23

Essex’s James Foster says the defending champions have work to do to complete a win over Lancashire at Chelmsford.

Jamie Porter
Yesterday, 08:00

Royal Victoria Docks will play host to the British leg of the UIM F1H2O World Championship in June.

Newsletter Sign Up

Sign up to receive our regular email newsletter

Most read news

Show Job Lists


Having a brand new kitchen is something that lots of people want but can only dream of. Sadly keeping up to date and making our living spaces as nice as they can be is a costly and incredibly stressful business. Even a fresh coat of paint makes all the difference but isn’t easy or quick.

Read more

Who wouldn’t love the chance to go on a shopping spree. Imagine being able to walk into a shop and choose whatever your heart desires without having to worry about how much it costs.

Read more

Digital Edition


Enjoy the
Newham Recorder
e-edition today


Education and Training


Read the
Education and Training
e-edition today

Read Now