06 Aug 2024

We are delighted to have awarded an £80,000 grant (over two years) to award-winning charity MyBnk. The grant will support a financial skills programme for 16–25-year-olds, who are moving into independent living.

The MoneyWorks programme covers budgeting, banking, tenancy agreements and forms of borrowing (credit history, debt consequences and prioritisation, staying safe with money, understanding and avoiding money muling). This grant will enable 155 individuals in the Northwest who are overcoming challenges or disadvantage, may not be in education or training or have care experience, to receive a level 1 accreditation following a two-day course.

Claire Quigley, Director of Fundraising & Communications at MyBnk, commented: “We are delighted to receive a grant from the SJP Foundation to support the delivery of our Money Works programme. This programme provides essential financial education to 16-25 year olds at key transitional points, such as moving into independent living. The grant will help MyBnk change the life chances of hundreds of young people facing disadvantage across the North West, setting them up to thrive independently.“

The aim is to equip participants with survival money management skills that they can implement immediately. MyBnk says “combining digital literacy with money management is a powerful and liberating prospect for those who find themselves waiting on payday or punished by late fees”.

Independent evaluation has found:

  • £1 spent on the programme created £5.57 in social value and the impact increased as time went on.
  • Debts dropped 60%. This compared to control groups of their peers, who saw their average debts grow by 50%.
  • The number saving regularly increased by 23%.
  • Capabilities of young people in saving, financial confidence, life satisfaction and digital literacy, which were below the national average, are now above it.

This two-minute video demonstrates the impact of the MoneyWorks programme: