The Money House Scotland: Empowering Financial Independence for Young People
The Money House Scotland by MyBnk has been awarded the Best Non-Profit Project Working with Under-Served Communities at the highly competitive Money Awareness and Inclusion Awards (MAIA) 2024. This innovative project is making a significant impact by equipping young people with essential financial skills, particularly those transitioning into independent living.
“We received numerous strong entries this year, but The Money House Scotland truly stood out for its dedication to empowering young people with financial knowledge,” said Michael Gilmore, co-founder of the MAIAs.
Target Community: Helping Under-Served Young Adults
The Money House Scotland focuses on young people aged 16-25, especially those in sensitive circumstances such as care leavers, young parents, asylum seekers, and those at risk of homelessness. These individuals often lack the financial safety nets that many of their peers have, making financial education crucial for their independence and stability.
“We wanted to create a space where young people can learn to manage their finances confidently,” says Gemma Orr, a project manager at MyBnk. “Our program is designed to meet the unique needs of those who need financial literacy the most.”
Making Financial Education Accessible
The program operates in a simulated flat in Glasgow, providing a realistic environment where young people can engage in practical financial activities. From understanding tenancy agreements to managing debt and avoiding scams, participants gain hands-on experience that prepares them for real-life financial challenges.
To ensure accessibility, The Money House Scotland offers virtual courses for those with anxiety, provides childcare support, covers travel expenses, and offers food during sessions. These measures help remove barriers to participation, making financial education accessible to all.
“Financial literacy should be the norm, not the exception,” says Beatrice Nicastro, a senior coordinator at MyBnk. “By making our programs accessible, we empower young people to take control of their financial futures.”
Innovation and Impact of The Money House Scotland
The Money House Scotland stands out for its innovative approach. Instead of traditional classroom settings, the program uses a flat environment to create a comfortable and engaging learning space. This setup encourages open conversations about money and allows participants to learn through practical scenarios, such as cooking costs, meter readings, and inventory checks.
The program’s impact is profound. Surveys show that 86% of participants feel more confident managing their money after completing the course, up from 53% before the program. Additionally, 95% plan to track their money more closely, and 93% intend to start new savings habits.
“The Money House Scotland’s innovative approach to financial education is truly transformative,” notes Michael Gilmore, co-founder of the MAIAs. “Their ability to make financial concepts relatable and practical has had a lasting impact on the participants.”
Testimonials: Real Stories of Change
The success of The Money House Scotland is best illustrated by the testimonials of those who have benefited from the program. One participant shared, “I loved the program; it made me look at things so differently. It’s a great experience for young people, especially if you’re not sure how to budget or save.”
Another attendee highlighted the program’s engaging nature: “I enjoyed the interactivity and light-hearted activities used to explain topics that are otherwise mundane and difficult to discuss. The trainers were very understanding and helpful. Overall, I had a lot of fun and can definitely say I understand money and finance a lot more now.”
These testimonials underscore the program’s effectiveness in making financial education accessible, engaging, and impactful.
Expanding the Reach of Financial Literacy
Looking ahead, The Money House Scotland aims to expand its reach to northern Scotland, ensuring that more young people have access to its valuable financial education. The program is in discussions with the Scottish Throughcare and Aftercare Forum (STAF) to integrate financial education into the moving-on process for care leavers across Scotland.
“We’re excited about new partnerships that will help us reach even more young people,” says Trudi Harris, co-founder of the MAIAs. “By equipping them with financial skills, we’re not just changing individual lives; we’re transforming entire communities.”
The future of The Money House Scotland looks bright as it continues to empower young people with the knowledge and skills they need to manage their finances confidently. Through its innovative approach and commitment to accessibility, the program is making a lasting difference in the lives of those who need it most.