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New report confirms Money Mentors Programme increases financial capability
Published: 20 Feb 2015
On Friday 20th February, Toynbee Hall launched the evaluation report for the Money Mentors programme. In partnership with Big Lottery Fund, who fund the programme, and the Threadneedle Foundation, who commissioned the evaluation, Toynbee Hall compiled a report that measured the impact of the Money Mentors programme in the community, personal finance and the well-being of its participants. The report confirmed that the course has increased the financial capability and financial inclusion across Tower Hamlets.
Money Mentors is a locally-focused project that works with Tower Hamlets residents to help build their confidence in managing money. The programme provides structured training, leading to a nationally accredited qualification. This year we have provided a detailed statistical report outlining the social return on investment. We found that for every one pound invested, the community benefits to the value of three pounds and personal finance and wellbeing increased significantly.
The evaluation shows that 65% of participants have more confidence in their financial future after completing the course. Those who describe themselves as ‘always struggling’ decreased from 40% to 2% after the course and 54% of participants felt less isolated.
The programme is part of our vision to create financially inclusive Tower Hamlets and the launch showcased its success. There are now plans to roll out this programme across London and give more Londoners the money management training opportunities that Tower Hamlets residents have benefited from.
This is an excellent achievement in Tower Hamlets, a borough where 47% of people owe money and 27% are behind on their payments. To have worked with 350 people to improve their financial capabilities is a fantastic result. We believe that all Londoners should have access to such a brilliant resource and I very much hope we can roll the programme out further”.
Graham Fisher, Chief Executive of Toynbee Hall