Virtual Money House

A live online accredited financial literacy programme aimed at preventing youth homelessness – Taking referrals on a continuous basis for 16-25 year olds in or receiving help from the Royal London Borough of Greenwich, Newham, Lewisham, Tower Hamlets, Westminster or Haringey

Format

4 days. Tuesday – Friday, 10.30am – 3.30pm

Target Group

16-25 year olds

Group Size

5-7 young people

Information Sheet PDF

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Content

Virtual Money House (VMH) is a live online accredited financial literacy programme aimed at preventing youth homelessness.

Young people living on their own, or about to, often need money management skills to help stay independent.

With us there are no lectures, no jargon, no judgements – just straight up, fun and easy-to-understand money tips and talk. This helps them become more confident about living on their own.

Our trainers are trained, tested, enthusiastic and near-peer, and it shows in the feedback we get from attendees – many of whom say: “I thought this was going to be boring”.

The Money House Youth Homelessness Report

These secure expert-led sessions take place on Zoom. Young people require a PC, laptop or smartphone with a working microphone, speaker, webcam and stable internet connection and a quiet environment. To substitute lunch provision, participants get a supermarket voucher at the end of the week.

Topics

Keeping your tenancy:

  • Tenancy agreements.
  • Avoiding eviction.
  • Household costs.
  • Choosing utility providers.

Aspirations and Independent Living:

  • Employability.
  • Boosting Income.
  • Benefits.
  • Money Habits.

Money Management:

  • Banking.
  • Borrowing.
  • Budgeting.
  • Debt.
  • Consumer Rights.
  • Money Safety.

Eligibility

Young people who are:

  • Living in or receiving help from the Royal Borough of Greenwich, Newham, Westminster, Lewisham, Tower Hamlets or Haringey.
  • In or eligible for social housing.
  • Leaving care, particularly those ready for move-on.
  • In a local authority housing pathway.
  • Not in education, training or employment.
  • Already in independent living with problem arrears.

Referrals

To refer a young person contact themoneyhouse@mybnk.org. Existing referrers can use their referral form or our online booking system.

Impact

  • Participants are three times less likely to have unsustainable arrears.
  • 64% drop in evictions for those at-risk. 45% reduction in young people incurring bank charges and missing bills.
  • Significant increase in financial confidence, safe borrowing and regular debt repayment.
  • Increases in financial inclusion and good money habits.
  • Landlords have reduced costs and secure 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.

This course is a variation of our face-to-face ‘The Money House’ programme.

VMH is funded by
MyBnk - Our Work - Financial Education - The Money House - Funders

Case Studies

From opening a first bank account and trading in real markets, to moving out of care and into independent living, MyBnk’s financial education workshops pack a BIG punch!

"It makes maths real!" Improving teens numeracy skills by understanding investment

“My Mind Has Been Blown!" - Shannon, 8, opens her first bank account and starts her savings journey

"Learning to live independently taught me I had worth" Leaving care and dodging bankruptcy

Impact After This Programme

54

Young people saving

35

Are now budgeting

3

Now have a current account

The Money House Team

"I want young people to understand things like APR as much as they understand LOL".

Carl Clarke

Lead Trainer - The Money House

"Money trees is the perfect place for shade" [Kendrick Lamar]

Kieron Lock

Project Manager - The Money House

Tope Chiedozie

Lead Trainer - The Money House

"Take care of the pennies and the pounds take care of themselves!"

Wayne Jordan

Senior Trainer - The Money House

“Always remember to spend on your NEEDS, before your WANTS”.

Shaneka Osaro

Lead Trainer - The Money House

"Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you”. [Maya Angelou]

Natasha Gray

Pastoral Support Lead - The Money House

"MyBnk is more than just a job. It's a lifestyle!"

Nadia Lamaani

Training Assistant - The Money House

"A wise man once said the best thing money can buy is financial freedom".

Tekisha Henry

Training Assistant - The Money House

"If you want to be wealthy, think of saving as well as getting".

Jade Edwards

Partnership Manager - The Money House

“ The same way every acorn has the essence of a tree, you have the essence of success".

Seraye Delnissaw

Project Coordinator - The Money House

“Everyone needs MyBnk in their lives."

Keeley Stephenson

Training Assistant - The Money House

Supporting The Money House project to help young people moving into independent living.

JP Morgan Chase & Co.

The Money House

Supporting The Money House project to help young people moving into independent living.

The Berkeley Charitable Foundation

The Money House

Supporting The Money House project to help young people moving into independent living.

L&Q

The Money House