SafeDeposits Scotland funds financial education for young people through MyBnk partnership

Up to 45 young Scots will gain crucial financial skills through a series of education programmes delivered by UK charity, MyBnk, thanks to a £35,000 donation from SafeDeposits Scotland.

The funding will support nine week-long Money House programmes at the charity’s Glasgow location, providing essential knowledge to help young people manage their finances and navigate housing-related challenges.

The partnership, publicly launched during Challenge Poverty Week, highlights the role financial literacy can play in fostering long-term stability and independence for young people.

MyBnk delivers high-energy, impactful financial education in its Money House sites, while resemble flats, offering a practical and immersive learning environment.

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

According to Scottish Housing News, the funding boost will allow MyBnk to deliver an additional nine programmes between August 2024 and July 2025, covering topics like understanding tenancy agreements, avoiding eviction, managing household bills, and identifying scams. These topics are designed to address key contributors to poverty, such as rent arrears and housing instability.

SafeDeposits Scotland, a not-for-profit scheme protecting deposits for over 160,000 private rental tenancies, introduced its Community Fund in 2023 to support initiatives that promote financial education. The partnership with MyBnk benefits from a discretionary award from the fund.

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Mike Smith, head of SafeDeposits Scotland, emphasised the importance of financial literacy for housing stability: “SafeDeposits Scotland has always placed a strong emphasis on education when it comes to rights and responsibilities surrounding tenancies. Knowledge and understanding can prevent everything from tenancy deposit disputes to the worst-case scenario of homelessness.”

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

The launch of this initiative during Challenge Poverty Week underscores the critical link between financial education and poverty prevention. By equipping young people with the knowledge and confidence to manage their money, MyBnk and SafeDeposits Scotland aim to break the cycle of poverty and provide the tools for long-term financial independence.

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