Berkeley Foundation has been supporting The Money House, delivered by MyBnk, since 2017.
The Money House, delivered by MyBnk, delivers crucial financial training to 16-25 year olds leaving the care system - arming them with the skills to live independently. 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. 20% of care leavers experience homelessness within two years of leaving care.
The Money House intervenes at a crucial point of transition. Led by MyBnk's expert trainers, the one- or five-day course uses realistic scenarios and activities that mimic the life-like pressures of dealing with multiple bills and conflicting demands. By bringing financial education to life in a real flat, they boost young people's financial confidence to take control and have helped nearly 4,000 young people avoid eviction.
The programme has had a remarkable impact since its start, winning first place in the 2021 London Homelessness awards. Participants are three times less likely to have unsustainable arrears. Young people feel 27% more confident to manage their money and are 22% more likely to borrow money safely.
Every £1 spend on TMH generates £3.36 in social value - a remarkable outcome of a very worthwhile programme.
The Foundation’s new investment in The Money House brings its 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.