Launch of Dream Fund "Money Mechanics" project
Money Advice Service (MAS) has found young blind or Deaf people in the UK receive “barely any” specialised financial education.
This lack of care was revealed during the launch this week of a ground-breaking project aimed at boosting the financial literacy of young people with sensory impairments.
The specialist Money Mechanics project is designed and delivered by the financial education charity MyBnk, The Royal Association for Deaf people (RAD) and Royal Society for Blind Children. Kirsty Bowman-Vaughan, Financial Education Lead at the Money Advice Service said their
investigation found “barely any” specialised services were delivered to young people with these
additional needs.
The project will see over a thousand 16-25 year olds living with sight or hearing loss learn how to budget, bank, borrow safely, in their first languages to take control of their lives, sustain work, go to university, move into independent living and live life “without limit”. Training will also be scaled to other youth organisations.
Nearly 70% of blind and partially sighted young people are living on the poverty line and only 41% of Deaf young people gained 5+ GCSEs graded A* -C including English and Maths in 2016. Those with disabilities also face a double disadvantage when it comes to managing their money and accessing financial services. Just 29% of young people who are blind or Deaf manage their own finances.
At the launch, Keynote speaker Toby Linton Burton, Chair of RAD, CFO at The Economist and British Sign Language user said:
“Parents lacked the knowledge to help their Deaf child look after their finances.”
Former Paralympian Mike Brace CBE who was blinded at the age of ten told guests:
“If you can’t be in control of your money, you can’t be in control of your life.”
Supported by players of People’s Postcode Lottery, the project will arm them with the skills to survive, thrive and live independently. We intend to roll out the scheme via other charities nationwide.
Since 2005 players of the People’s Postcode Lottery have raised an incredible £168.4m for charities and good causes across Great Britain and internationally.
Lord Blunkett said:
“It gives me great pleasure to see a project like Money Mechanics tackling some of the root causes of isolation and deprivation. By teaching some of the most vulnerable in our society how to manage their money, in their own language, the doors of opportunity are opened to live life, without limit”.
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.”
Dr. Jan Sheldon, CEO, Royal Association for Deaf people said:
“Deaf young people often miss out on information because it isn’t accessible to them. One of RAD’s key aims is to deliver services in a Deaf person’s first language. Our participation in the Money Mechanics project will empower young Deaf people to become more independent by taking control of their finances.”