Young social tenants get help with bedroom tax and benefits cap
Published by Max Salsbury for 24dash.com in Housing and also in Communities, Universal Credit
budgetingImage: via Shutterstock
Young social tenants are to receive help with money management ahead of the government's bedroom tax and benefits cap.
Funded by £1m of Big Lottery funding, Lambeth FACE (Financial Advice and Confidence Education) is designed for 16-24 year old tenants in the borough who are worried about money and need help budgeting.
It is anticipated that the government's welfare reforms will have a particularly negative impact on young tenants who already have difficulty with sustaining their tenancies and who often lose their tenancy within the first year.
Lambeth FACE has been set up to keep young tenants in their homes by helping them to manage their finances, prioritise bills and maximise their income.
The project aims to see 1,600 take part in the project over four years.
By signing up to the project, a tenant will gain access to their own personal Money Mentor, provided by the Merton and Lambeth Citizen Advice Bureau, who will put together a plan for managing their money and meet with them over a three-month period.
Group sessions run by MyBnk called 'Money Works' will also be available where they will learn what small actions can be taken to manage money and how budgeting can help achieve their goals in life.
Housing association Metropolitan is leading on the project, alongside Lambeth Council, Merton and Lambeth Citizens Advice Bureau, Lambeth Living, Guinness South, Community Trust Housing, Wandle and London Mutual Credit Union.
Sandra Ferguson, head of community regeneration at Metropolitan said: "We understand that our young tenants are facing difficulties but know with the right support it is possible to turn things around.
"Learning how to manage finances helps reduce stress, makes you happier and increases your prospects of finding work which is why the Lambeth FACE project is so valuable. The project couldn’t have come at a better time as we all prepare for the upcoming benefit changes and we hope that as many of our young tenants take part in the project as possible.”
Big Lottery Fund spokesperson Alison Rowe added: “At a time when it is imperative that tenants take responsibility for their finances, given the current economic climate and recent changes in legislation such as the benefits cap and the introduction of Universal Credit, this funding will make a vital difference to those most in need.
“It will ensure that social housing providers, advice providers and local authorities can work together effectively to improve financial confidence among the most vulnerable and help combat the downward spiral of debt.”