Following five years of successful collaboration, we’re delighted to announce that the Berkeley Foundation has committed a further £1 million to The Money House, run by award-winning youth homelessness charity MyBnk.
The Money House, set up in 2013, targets care leavers and vulnerable young adults about to move into social housing. Delivering across the boroughs of Greenwich, Newham, Westminster and Haringey, the project teaches young people how to manage their tenancy and finances and has helped nearly 4,000 16-25 year olds avoid eviction.
MyBnk’s The Money House is an award-winning programme, most recently winning first place in the 2021 London Homelessness awards in recognition of The Money House programme’s impact on homelessness prevention and quality financial education provided to young people across London.
After completing The Money House, less than 1% of participants go on to be evicted, saving cash-strapped councils thousands of pounds. Money House graduates are also three times less likely than their peers to have unsustainable rent arrears.
The Berkeley Foundation is currently celebrating our first ten years of helping young people and communities to thrive. So far we have committed over £6m to charities preventing and tackling homelessness, reaching more than 6,000 people experiencing, or at risk of homelessness.
The Foundation’s new investment in The Money House brings our total commitment to the project to £1.9m. Berkeley staff also helped to renovate one of the Greenwich-based flats where the project is delivered.
Over the next three years, we have committed to support The Money House’s expansion into Birmingham, an important step towards all care leavers in the UK getting the financial education they need to lead independent lives.
Sally Dickinson, Head of the Berkeley Foundation, says:
“Sadly, care leavers face a higher risk of unemployment and homelessness and are more likely to come into contact with the criminal justice system than their peers. The Money House intervenes at a crucial point of transition and has had a remarkable impact since its start. We are proud and excited to continue our partnership with MyBnk as it expands across the country and reaches more young people.”
Guy Rigden, CEO of MyBnk, says:
“Working with young people who can't afford mistakes, as they prepare to live independently, is crucial. They are at high risk of making poor financial decisions that can have lifelong consequences. Thanks to Berkeley Foundation’s continued support MyBnk can ensure this transition is positive, helping young people with skills and knowledge, building their confidence to thrive in the future.”