The Money House

Topics include:

• Tenancy agreements Rights & Responsibilities.

• Cost of moving in.

• Avoiding eviction.

• Paying household bills.

• Choosing utility providers.

• Banking – Accounts & Savings.

• Borrowing safely.

• Budgeting – Weekly & Monthly.

• Spending habits – Good & Bad.

• Shopping – Offers, consumer rights.

• Benefits – Entitlements & Universal Credit.

• Online safety and spotting scams.

• Risks of money muling.

• What’s next – Planning for the future?

Sessions also provide:

• Extra support to understand benefit changes and implications – Universal Credit; LHA Housing Benefit Cap.

• Digital skills to help them navigate the financial maze and make the most of their money – Open Banking; comparison websites; changing utility providers etc.

• Signposting to relevant services that can assist young people further if required – StepChange; ChangeGrowLive etc.

Eligibility

• • • Housing: For those eligible for social housing, accessing housing support from their local authority (LA), or moving into independent living in the private rented sector.
  • • Already a tenant or has expectations of a tenancy: Living in LA supported housing, LA temporary accommodation, bidding for own social housing tenancy, accessing support from LA to help them into private or social housing or moving into private housing independently.

Referrals: To refer a young person contact themoneyhouse@mybnk.org or register your interest using our Referral Form.

Impact:

• • • Participants are three times less likely to have unsustainable arrears.
  • • We see a 45% reduction in young people incurring bank charges and missing bills.
  • • A 22% increase in those borrowing safely, and therefore avoiding loan sharks.
  • • A 27% increase in confidence managing money, which exceeds the national average.
  • • Landlords have reducing costs and securing more rent with fewer arrears.
  • • Every £1 spent on TMH generates £3.36 in social value.

Data via Money Advice Service – What Works Fund 2018.