The tenancy deposit protection scheme has awarded £35,000 from its Community Fund to support MyBnk in providing nine week-long Money House programmes at its location in Glasgow.

The partnership has been publicly launched during Challenge Poverty Week to highlight the role financial literacy can play in supporting young people’s long-term stability and independence.

MyBnk is a financial education charity for young people in need and launched its first Scottish Money House in Glasgow in 2022. It delivers innovative, high-impact and high-energy financial education programmes that bring money to life for young people in their kitted-out Money House sites, which resemble flats.

The funding boost from SafeDeposits Scotland will allow the charity to deliver an additional nine programmes in The Money House between August 2024 and July 2025, covering topics such as:

• understanding tenancy agreements – rights and responsibilities and cost of moving;
• avoiding eviction – paying household bills and rent on time, debt prioritisation, digital finance skills; and
• exploration of scams.

SafeDeposits Scotland, the not-for-profit scheme protecting deposits for over 160,000 private rental tenancies, introduced its Community Fund in 2023. Funds are distributed via both an ongoing small grants programme and discretionary awards, with the MyBnk partnership benefiting from the latter.

While the initiative will run throughout the year, the launch during Challenge Poverty Week draws attention to the crucial link between financial education and poverty prevention.

By equipping young people with practical knowledge and confidence in money management, SafeDeposits Scotland and MyBnk aim to reduce the risk of rent arrears, housing instability, and debt – key contributors to the poverty cycle.

Mike Smith, head of SafeDeposits Scotland, said: “SafeDeposits Scotland has always placed a strong emphasis on education when it comes to rights and responsibilities surrounding tenancies, as knowledge and understanding can prevent everything from tenancy deposit disputes to the worst-case scenario of homelessness.

“We are therefore delighted to be supporting MyBnk in their continued work with young people at the crucial stage of preparing to make their first housing choices.”

Gemma Orr, area manager for Scotland and Northern Ireland at MyBnk, said: “This generous support from SafeDeposits Scotland allows us to significantly expand our reach and impact in the Greater Glasgow area.

“With young people today facing a cost-of-living crisis, housing has become an area of great concern, and partnerships like this are crucial. Together, we are ensuring that more young Scots have the tools and confidence to make informed financial decisions.”