A WEST Belfast charity has warned that understanding money and finance is one of the key factors in protecting young people from a future of debt and homelessness.
Money Ready, based at Innovation Factory on the Springfield Road, has launched a new project designed to help young people navigate the housing rental market and avoid ending up on the streets.
Angela Hillan, Money Ready’s Northern Ireland Manager, explained: “Our aim is to reach those at greatest risk. They may be living in extremely challenging situations with little support, and many have simply never been taught about money, finance or contracts.”
The programme, which is offered free of charge to groups, will cover the realities of independent living, including dealing with landlords, understanding tenancy agreements, and budgeting for essentials such as utility bills and food. The initiative has been made possible with funding from the Community Foundation of Northern Ireland.
Money Ready is also expanding into the North West with a new financial trainer due to be appointed shortly in Derry, supported by the CISI (Chartered Institute for Securities and Investment) Foundation.
All Money Ready trainers are selected for their ability to engage young people and adults in a practical and fun way. Trainers undergo extensive specialist training, equipping them to deliver vital financial education across a wide range of groups. The charity’s work spans key financial milestones from childhood to the average first-time house purchase age of 37, and upwards.
Angela, who spent 14 years teaching in London before returning home after the pandemic, believes schools are often unable to go far enough in providing money education.
“Financial Education has been on the curriculum for a number of years, but our young people are still leaving school with low confidence in money management. Schools don’t have the time or resources to do more, which is why we step in. This lack of confidence follows us into adulthood and at home, many parents don’t feel comfortable talking about money, especially earnings or tax, and that makes it difficult for children to learn.”
Since moving into Innovation Factory in July, the charity has already seen new opportunities emerge. Money Ready is set to collaborate with fellow resident charity Angel Eyes to deliver financial training young people with vision impairment this October.
Angela said: “This will be hugely useful to them, and it’s something that would never have come about without being based at IF.”
Neil Allen, Innovation Manager at Innovation Factory, said: “We are delighted to see Money Ready already making such an impact since joining our community. Their work is vital in giving young people the tools to manage their finances and avoid the devastating consequences of debt and homelessness. Innovation Factory is designed to be a hub where organisations can connect and collaborate, and it’s fantastic to see partnerships like the one between Money Ready and Angel Eyes emerging so quickly.”
