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”.
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.
A direct in-person version is also available.
Keeping your tenancy:
- Tenancy agreements.
- Avoiding eviction.
- Household costs.
- Choosing utility providers.
Aspirations and Independent Living:
- Boosting Income.
- Money Habits.
- Consumer Rights.
- Money Safety.
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.
- 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.
VMH is funded by
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!
The Money House Team
"An investment in knowledge pays the best interest." - Benjamin Franklin
"I want young people to understand things like APR as much as they understand LOL".
"Take care of the pennies and the pounds take care of themselves!"
“Always remember to spend on your NEEDS, before your WANTS”.
"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]
"MyBnk is more than just a job. It's a lifestyle!"
"A wise man once said the best thing money can buy is financial freedom".
“Spend your money on the things money can buy. Spend your time on the things money can’t buy.” - Haruki Murakami
"If you want to be wealthy, think of saving as well as getting".
“ The same way every acorn has the essence of a tree, you have the essence of success".