Homeless charity scoops second £1 million lottery award

Published by Max Salsbury for 24dash.com in Communities and also in Finance

A Bristol youth homelessness charity has been awarded £1 million for the second time by the Big Lottery Fund.

Independent People successfully bid for the money, which will be used to help young people understand and gain access to affordable financial products through a project called CASHPOINT.

The charity was awarded another £1 million last year for a resettlement project called Future 4 Me.

The money is part of a £30m 'Improving Financial Confidence' fund set up by the Big Lottery Fund to help people become more confident in and more aware of how to take control of their finances.

There are concerns that many people are unable to access or use basic financial services and products such as bank accounts, credit cards or affordable loans - a situation that is often referred to as 'financial exclusion'.

This can make it difficult for people to manage their money, cope with financial pressures and plan for the future. It can also mean that everyday things such as household bills become more expensive.

The CASHPOINT project plans to employ workers and train peer mentors to develop attitudes and behaviours to money using real stories.

Young people in social housing will be referred to the project at key points in their lives, such as moving into a new tenancy, so that they can learn new capability habits in the world of finances.

Dom Wood, chief executive for Independent People, said: "Our experience tells us one of the most common reasons young people starting out on their own get into financial difficulty is down to not knowing how to manage their money, budget or get help.

"This potentially leads to eviction, further homelessness and serious debt problems. The majority of young people in social housing are on very low wages or Job Seekers Allowance, and many have never taken a serious look at their finances and how they can make ends meet.

"It's hard for anyone to manage on a low income, but when you're young and possibly dealing with complex family issues, trauma or low literacy levels as many young people in social housing are - it's particularly difficult.

"This money will help us to support young people through these difficult financial times and promote a healthy attitude towards personal financial stability.

"We're delighted to be working in partnership with such experienced and resourceful organisations who are also leaders in their fields."