Thousands of the most vulnerable and disadvantaged people in Scotland’s biggest city will be given a personal money mentor as part of a pioneering new scheme to tackle poverty and inequality.

The My Money service will see up to 4000 people in Glasgow facing financial hardship given bespoke help to become more financially and socially resilient.

It is a partnership between Glasgow City Council and Wheatley Foundation, the charitable trust of Wheatley Group.

The £4.25 million three-year programme is the first of its kind in Glasgow, and will focus on early intervention and prevention, helping people avoid a crisis.

It was launched by Glasgow City Council leader Susan Aitken and staff from the Wheatley Foundation and Wheatley Group, at a support group for lone parents in Cranhill.

People referred to the programme will get high-quality money advice, debt support, fuel advice and access to affordable credit such as low-cost loans and fee free products such as, bank accounts, budgeting services and tools as well as other support services and products.

It is aimed at people struggling with change in their circumstances, such as people currently not in work, those moving on to Universal Credit, those in low paid work and those parenting alone.

Councillor Aitken said: “Financial problems are a daily issue for many people, and any initiative to help people tackle such hardship is to be welcomed.

“Providing advice and assistance to those who need it at the right time can prevent further difficulties for individuals and families and give them a fair chance to share in Glasgow’s economic growth. We are determined that no-one in Glasgow will face economic exclusion, and I am delighted to say that Glasgow City Council fully supports the My Money programme and we look forward to delivering it with our partners.”

My Money is funded by the European Structural Fund programme, under its European Social Fund stream, and the Big Lottery, and will be delivered by Wheatley, in partnership with Glasgow City Council, the city’s Health and Social Care Partnership and 15 third sector community partners.

Wheatley Group chief executive, Martin Armstrong, said: “We know when people’s lives change – such as losing a job or moving on to universal credit - it can be difficult to make ends meet.

“People on low incomes don’t have to suffer alone with their money worries – My Money is here to help. A My Money mentor can give people personalised, holistic early support, before problems become big.

“It means people will be able to access high-quality money advice, fuel advice, affordable credit such as low-cost loans, bank accounts, budgeting tools and other services and products – often for the very first time.”