The Mayor of Newham, Rokhsana Fiaz, has visited The Money House to see how MyBnk are helping young care leavers transition into independent living through financial education.
Rokhsana, who was herself homeless once, spoke with 19-year-old care leaver Joshua who shared how our youth homelessness prevention scheme had helped him take control of his financial life by learning how to budget and save.
Joining us at Ferrier Point, Canning Town, one of three locations for the project, we were also joined by local Councillors, funders and staff of the award winning project. The Newham Recorder also published a piece on the evening.
From sofa surfer to Mayor
At the age of 20 Rokhsana was forced to leave university and return to Newham because her family home was repossessed, leaving her homeless. The next three years were spent sofa surfing and living in temporary accommodation. She sat down with Joshua to discuss his plans, which include setting up a music business and a course in business management.
The course is open to any young person moving into housing, but targeted at young care leavers like Joshua who have a higher risk of homelessness – one in three lose their first home:
“It was really helpful for me because in life, if I just get the money and spend it then I won’t be able to be independent and to do things that everyone else can. I feel like that was part of the teaching as well: some people have more money, some people have less, but it doesn’t matter if you get less, you should have access to the same opportunities. But you have to make the right decisions with your money.” Joshua.
The Money House is based in real flats in the Royal Borough of Greenwich and the London Boroughs of Newham and Westminster. Over five days young people gain the skills, knowledge and confidence to live independently – learning how to manage their money, prioritise debts, avoid scams and navigate the banking and new benefits system. Our experts use ‘escape room’ games, role play and activities mined from youth culture with diary room recordings to help bring money to life.