Here at Better Off Finance we’re always happy when our programme
is suggested to people in need of financial support, especially by other projects who are supporting people to better themselves, and that was the case recently with one of our
participants Shannon who heard about our programme through Talent Match, a project helping her
explore employment options.
One in six young people in the UK spend at least 6 months out of education, work or training and this is how Shannon found herself when she left school. Unsure with what she wanted to focus on in the future and with desires to move out of her family home and gain her own
independence it was time for her to learn the essentials on how to manage
personal budgets, something which Better Off Finance key workers specialise
in.
People under 35 wanting to move out are often dubbed "generation rent" and being unable to get on the property ladder leaves 41% of 21-35 year olds still living at home, due to simply not being able to afford to move out. Shannon was able to understand the issues she may face by having a dedicated key worker covering a range of topics such as debt, saving money, and personal budgeting.
“I found the sessions extremely useful as I was totally
unaware of how to budget or what bills to expect when leaving home”
The average price of living at home with parents in the UK is
said to be around £1,584 per year, which is just a drop in the ocean compared
to living independently. Moving out and living independently can throw up all sorts of unexpected living costs and like many young people Shannon was unaware of the hidden costs of paying water bills
or being legally obliged to pay for a TV license.
Introducing Shannon to budgeting apps that could be accessed
through a phone has become useful in her day to day life and has made her aware
of the little things that could save you cash like the amount of money she
spends on coffee from Costa and Starbucks every year.
“Being shown how to use the budgeting apps were really great,
it has made me more aware of my spending and what I can try and do to cut back
in the future”
Shannon felt that the one to one support helped her have more
awareness of financial issues, increasing her confidence regarding her finances
on leaving home. Along with her abilities to budget she has also gained confidence
about going into employment and through the support from Better Off Finance and
Talent Match has gone on to secure employment in retail.
“I would highly recommend this programme to anyone else, I
felt very supported and I think skills like this should have been taught at
school”
Congratulations to Shannon on her new job and thanks very much for sharing your story! We hope you continue to have a bright future ahead!
About us:
Better Off Finance is offering residents of the Liverpool City Region who are currently unemployed (although don't have to be claiming benefits), a bespoke programme of support. This support will be provided at a local community venue or at home if a participant prefers.
Each participant will be linked up with their own key worker who will support them to:
- Improve their financial capability through 1-2-1 support and group work
- Access employability sessions within the programme
- Access a Level 2 Accredited ‘Money Mentor’ opportunity
- Progress into training and education opportunities
- Prepare and progress into sustainable employment.
Better Off Finance is a program jointly funded by The Big Lottery Fund and European Social Fund as part of the Building Better Opportunities Initiative
