Money worries can have a big impact on our mental health and wellbeing. With living costs rising and the winter quickly approaching we want to make sure that our communities are as prepared as possible.
In October we launched the Money on My Mind series, which is a joint partnership between Off the Record Youth Counselling and the Croydon BME Forum.
We surveyed members of the community to gain a general view of what people were mostly struggling with in order to identify what information and support was needed. These findings have informed our Money on My Mind series.
- 77% of those who responded had an annual income of under 20K.
- About 86% of our respondents have experienced anxiety, depression, low mood or stress as a result of money worries.
- About 45% of those who responded don't turn to anyone for financial support or advice.
- Top 3 financial worries are (i) paying essential bills, (ii) paying rent/mortgage and (iii) being unable to socialise.
- Investment, budgeting and banking are the 3 topics that most respondents were interested in learning more about.
Click here for full survey findings.
As part of our Money on My Mind series, MyBnk will be delivering the Money Works programme. This is a financial and digital skills programme for young adults moving into independent living to confront their money worries.
- Budgeting & Habits: Attitudes towards money, needs & wants, cutting back, budgeting, sources of income.
- Being Independent: Wage slips, tax & NI, benefits, universal credit, steps after move in, reading bills, household costs.
- Banking: How banks work, savings and current accounts, interest, forms of payment, choosing an account.
- Borrowing & Beyond Today: Forms of borrowing, credit history, debt consequences & prioritisation, looking forward, setting goals.
Who is it for: 16-25 years old
Requirements and Accreditation: Participants who complete the programme can gain a Level 1 ‘Personal Money Management’ qualification. The qualification is offered through ABC awards and will sit on the QCF nationally recognised. Participants are required to attend both dates and complete the feedback surveys.
Young people can register their interest by emailing firstname.lastname@example.org