For a future without poverty
Tel: 020 7392 2953
Money Mentors programme to expand across London
Published: 30 Sep 2015
Leading financial service providers, J P Morgan Chase and Columbia Threadneedle Foundation have agreed to fund the expansion of Toynbee Hall’s successful financial management programme, Money Mentors.
The announcement marks the Lord Mayor Appeal’s City Giving Day. On 30 September, companies across London are uniting as a collective to showcase their contribution to charities and the community.
The Money Mentors Programme, which began in Tower Hamlets, is a pioneering initiative that aims to improve participants financial confidence, increase their financial capability and reduce financial exclusion. This will expand into every London Borough and tackle financial exclusion on a pan-London scale.
J P Morgan Chase Foundation is giving £200,000 to run the entire programme including recruitment, development and evaluation for 18 months. Columbia Threadneedle Foundation is giving £90,000 across three years to fund the course delivery and a structured pathways programme to support Money Mentor graduates. Volunteers from Columbia Threadneedle Investments will also be delivering Money Mentors sessions and providing support to graduates from the programme.
An evaluation report released in January 2015, which was funded by Columbia Threadneedle Foundation, found that the Money Mentors Programme has a social return on investment of £3 for every £1 spent and 65% of participants have more confidence in their financial future.
There is a critical need to improve financial inclusion and education in communities throughout the UK. The evaluation shows that Money Mentors is a highly effective grassroots, community-based programme and we are delighted to be able to support its delivery across London.”
Alison Jefferis, Chair of Columbia Threadneedle Foundation
At J.P. Morgan we recognize that helping people build their financial resilience to better manage debt is crucial. That is why we are proud to be partnering with Toynbee Hall and Columbia Threadneedle Foundation to support the expansion of the Money Mentors Project, enabling more people from vulnerable communities across London to benefit from its services.”
Hang Ho, Head of J P Morgan Chase Foundation for Europe, Middle East and Africa
Over the past three years, the programme has supported a large number of people in Tower Hamlets to transform their financial lives, an excellent achievement in a borough where 47% of people owe money and 27% are behind on their payments. With this funding we can now extend the programme across London and support even more people”
Graham Fisher, Chief Executive of Toynbee Hall