A project boosting the financial literacy of young deaf and blind people in London, has secured £532,000 in funding from players of People’s Postcode Lottery.
Over a thousand 16-25 year olds living with sight or hearing loss will learn how to budget, bank and borrow safely, in their first language.
Specialist programmes will be designed and delivered by the financial education charity MyBnk, The Royal Association for Deaf People and Royal Society for Blind Children.
90% of those diagnosed with sight loss in youth did not work for more than six months of their lives, while an estimated 70% were living on the poverty line.
People with disabilities also often face a ‘double disadvantage’ with many financial services untailored to their needs.
The ‘Money Mechanics’ project will help young people overcome barriers and become financially confident to take control of their lives, sustain work, move into independent living and live life ‘without limits’.
Once created, the training will be scaled to other charities. Since 2005 players of the People’s Postcode Lottery have raised an incredible £168.4million for charities and good causes across Great Britain and internationally.
Guy Rigden, CEO of MyBnk, said: “This project will have a lifetime impact on the everyday interactions of vulnerable young people, be it budgeting, understanding bills, prioritising debts or earning money, as well as on their aspirations for the future, for example considering university, starting their own business, or moving into their own home.”
RSBC chief executive, Dr Tom Pey said: “Our shared experience has proved time and again that deaf and blind young people are not being supported at school to grasp the fundamentals of handling money. This gap in their knowledge creates barriers to their economic and social independence. Money Mechanics will make sure young people with sensory impairment have the knowledge and skills they needed to deal with their finances effectively and independently.”