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Community Money Mentors to support a further 8,600 people with their finances thanks to new funding
Published: 18 Sep 2017
We are thrilled to announce that we have been awarded funding towards our financial education programme Community Money Mentors, from various funds with organisations including Big Lottery Fund, Nesta, JP Morgan and Columbia Threadneedle.
Community Money Mentors aims to build the capabilities of people experiencing poor financial health by teaching them money management skills that help people to make savings, avoid high cost credit and debt by identifying the best available offers and financial services. Once completing the course and gaining an accredited qualification, the programme supports the mentors to volunteer within their communities as a trusted source of financial advice.
The funding, which totals over £860,000, will allow us to expand the project across London and enter a new phase of the programme which includes a new project called ‘Teach it’. ‘Teach it’ will train mentors to teach the project themselves and deliver the training in their communities.
Since the programme begun in 2012, we have trained 490 people and supported 10,584 with managing their finances. With the separate funding from Big Lottery Fund, Nesta, JP Morgan and Columbia Threadneedle, over the next three years we will;
- Train 400 new Money Mentors across London
- Train 40 Money Mentors to become teachers of the programme and pay them to run one course each
- Develop a licensing hub for the money mentors course
- Expand the programme to more ESOL learners
- Support an additional 8640 people with money support
Thanks to funding from JP Morgan and Columbia Threadneedle, the programme had already expanded across London, scaling up from a pilot in Tower Hamlets to a programme operating across seven London boroughs.
We have seen the impact that Community Money Mentors makes to people first hand throughout our graduations, and the programme gives people a newfound confidence in their financial future. We are really excited about offering this opportunity to another 400 people. Thank you to the Big Lottery Fund, Nesta, JP Morgan and Columbia Threadneedle Foundation for giving us the opportunity to help thousands more people across London to become more financially resilient”
Gary Wells, Financial Inclusion Programmes Manager
The funding from the innovation foundation Nesta, is part of their Savers Support Fund, which is funded by Department for Culture Media and Sport. This will provide a shared £1m in funding to five organisations with proven social action models to help young people and families better manage their money and reduce debt.