What was the partnership?
The Money House is a homelessness prevention programme that supports and empowers care leavers to develop secure money management skills and live independently.
What does it do?
The programme addresses the issue of homelessness among care leavers. One in three care leavers becomes homeless within two years and 25 per cent of homeless people have been in care. The most common reason for eviction in the UK is falling behind on rent, making financial education crucial for young people.
The Money House works primarily with 16 to 25-year-olds at the critical point between leaving care and living independently. Over five days, participants are taught by education officers, some of whom have experienced the care system themselves, using non-traditional teaching methods in a real flat, rather than a classroom. They learn about rent, utilities, debt, budgeting, benefits and employability in order to gain the practical skills to manage their living costs while making informed choices about their future.
The project is a collaboration between the financial education charity MyBnk, the Berkeley Foundation, the JP Morgan Chase Foundation and the L&Q Foundation, with additional support from Greenwich, Newham and Westminster councils, the independent living charity Settle and the Behavioural Insights Team. The partnership goes far beyond funding, with partners each leveraging their own networks and connections to add value to the project.
Why did it win?
Since 2012, the project has supported 1,600 at-risk young people and has expanded to the point where it expects to serve 800 young people in 2020/21 alone.
A two-year impact study of almost 1,000 16 to 25-year-olds found a 64 percentage point difference in eviction rates between independently living Money House graduates and young people in boroughs that do not offer the scheme, showing a significant correlation between the Money House and homelessness prevention.
It generates £3.36 in social value for every £1 invested and has resulted in direct savings of £300,000 for housing providers. With 10,000 care-leaves annually, resource-strapped councils could save millions using meaningful financial education.
What did the judges say?
Desiree D’Souza, executive director of innovation and social impact at SeeAbility, said the programme was making a real difference to individuals and communities. “The impact of this partnership speaks for itself, and it is powered by the strong collaboration of the partners that underpin it,” she said.
Marshall ADG, Arm, TTP, Schlumberger with supporting organisations for Cambridge LaunchPad
TISA with MyBnk for KickStart Money
Hubbub with Zero Waste Leeds, Leeds City Council and Ecosurety for Leeds By Example