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New service FACE for 16 - 24 year olds

Money mentoring program

Supporting Lambeth tenants

Main services delivered

Lambeth FACE is made up of two core financial inclusion services; One-to-one support and Financial Confidence Workshops. The project also has a number of complimentary services; Money Mentoring, and Employment and Training Support. In combination they provide much needed support to many young people, both as preventative measures and more commonly as intervention in already difficult financial situations. The following information provides a summary of the respective services.

Money mentors program

As part of its response to the financial crisis, metropolitan developed a ‘Money Mentors’ pilot scheme to test the effectiveness of peer-to-peer teaching of money management as a financial capability intervention. The aim of Money Mentors was to ‘cascade’ money management and general financial capability skills into communities by using peer-to-peer teaching methods.

The Money Mentor training program is an accredited program; mentors will be trained for 12 hours and offer 1:1 support. Face will signpost a tenant to a mentor, and support tenants and Money Mentors, to get involved in opportunities which have the potential to enable their personal development; and increase their income including employment, volunteering and training. The money mentors project officer will track the financial health of all beneficiaries for one year from their joining date.

Mentors role

·         Promote FACE to young social housing tenants living in Lambeth

·         Help young participants to make the best use of the services FACE offers

·         Assist participants to use of banking, online and local facilities in a cost-efficient manner. 

·         Motivate customers to increase their income through exploring local training, volunteering and employment opportunities.

·         Offer ongoing support to participants after they have left the programme

·         Join the FACE administration team

·         You will have the opportunity to contribute to the Project Steering Group, designed to monitor and evaluate the project and make suggestions for its future development

Delivery partner Money a+e

Money A+E is a Money Advice and Education Social Enterprise with a mission toempower individuals by providing simple; accessible; independent and effective money advice and education across England & Wales. We deliver the Money Mentors Program with our partner charity Citizens UK (London Citizens).

The program proposed for Metropolitan as part of the Lambeth FACE project is a tailored Project. Money Mentors is a peer to peer community based personal finance education and skills program developed by Citizens UK and borne out of the financial crisis. Its aim is to strengthen and build resilience equipping our communities with the personal finance skills and knowledge to face current economic challenges.

Support provided for tenants

A personal money mentor will work with a Lambeth tenant on a 1:1 basis over a period of six weeks, once the mentor as completed the six weeks the tenant is then referred on to face for further support.   Mentors will achieve:

·           How to  budget with their tenants

·            Focus and Support tenants  in reduction of arrears, council tax, service charges and other debts

·           banks and shopping around; 

·           Money saving tips, supporting tenants in household bill reduction.

·           income versus expenses

·           welfare reform and universal credit

·           banking basics

·           living on your own (for young adults)

·           managing income and expense over the long-term, with goal setting

·           investing  and your financial future

·           getting a loan

·           credit reports and scores

·           Referring them on to the face service (citizens advice bureau, Mybnk Financial education program, Lambeth: Face    employment support)

Measuring Impact

The overall outcome of the program will determine whether the program is successful. This will be based on:

·         Tenants arrears reduced

·         Debts reduced

·         Tenancy sustainment

·         Tenants can manage their debts and finance

·         tenants having the confidence to use these acquired skills;

·         attitudes of target groups must be changed;

How to sign up a tenant for a money mentor

Eligible tenants: 16-24 Lameth tenant holders.

Name of tenant

 

Contact number

 

Email

 

Age

 

 

Housing provider

 

Referrer  name

 

Contact number

 

email

 

Organization

 

     

 

Thanks

Shingirai Nyabango | Lambeth FACE Volunteer Coordinator | Community Regeneration Team

T: 0203 535 4051 |m: 0773 8714 145 |e:Shingirai.Nyabango@metropolitan.org.uk

Metropolitan |The Printworks | 131-143 Clapham Road | London  SW9 0HP

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