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Money skills course reduces number of young people being evicted by nearly two thirds

PUBLISHED: 16:00 06 December 2018

Participants on last year's Money House programme. Picture: MyBnk

Participants on last year's Money House programme. Picture: MyBnk

MyBnk

A money skills course has seen a 64 per cent reduction in the number of young people being evicted from their homes.

Stephen Timms MP on a visit to The Money House in 2017. Picture: Ken MearsStephen Timms MP on a visit to The Money House in 2017. Picture: Ken Mears

Nearly 1,000 16 to 25-year-olds from Newham and Greenwich have taken part in the five-day The Money House project, which gives young people financial skills to help them manage their money.

After taking the course, the amount of young people who missed bill payments almost halved, and the number of people evicted dropped by nearly two thirds, an impact study found.

During the course, trainers use role play, escape room games and recordings to teach participants about avoiding scams, managing debts and borrowing safely.

The course, run by MyBnk and now in its sixth year, has been made mandatory by five councils and sheltered housing providers for a young person applying for housing.

Guy Rigden, CEO of MyBnk, said: “Working with vulnerable young people at these transitional periods is crucial. That’s when they are at the highest risk of making poor financial decisions that can have lifelong consequences.

“These results show investing in young people and expert-led direct delivery pays back for everyone.”

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