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Report shows Money Mentors is building financial capability across London
Published: 23 Jan 2017
An independent evaluation report by the University of Salford shows that Toynbee Hall’s Community Money Mentors programme is improving financial management skills, confidence and wellbeing of people across London.
Community Money Mentors is a three-year pan-London financial education programme which aims to promote financial inclusion in the city by partnering with community organisations to train local people as Money Mentors.
The Mentors learn the financial skills and knowledge needed to improve their financial health and wellbeing and develop the skills needed to share their newfound knowledge onto others in their community. So far Money Mentors have shared information with 1,500 people on personal budgeting, saving, price comparison, banking and other financial matters.
In year 1 of the programme, groups in Newham, Lambeth, Croydon, Hammersmith and Fulham, Kensington and Chelsea and Tower Hamlets have completed the course. Thanks to funding from J P Morgan Chase Foundation and Columbia Threadneedle Foundation, by year 3, Community Money Mentors will be delivered in 28 London Boroughs.
The report also found that:
- The proportion of Money Mentors reporting being okay or very good at managing their money more than doubled from 43% to 94%.
- The tendency to do weekly/monthly budgeting increased from 57% to 83%.
- The tendency to plan ahead increased from 49% to 77%.
- While just of 50% of Money Mentors reported saving at the start of the programme, by the end nearly 90% claimed to be saving
- Money Mentors have shared information with 1,500 people on personal budgeting, saving, price comparison, banking and other financial matters.
If you’re interest in taking part in a Community Money Mentors course near you, please email Financial Inclusion Programme Manager Gary Wells.