Developing Financial Competence, Confidence & Responsibility

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MoneyMentor is a service designed by Future Path. Money Mentor is a financial assistance package that achieves four goals. It; 1. Creates a fail-safe means of households paying their essential bills 2. Prevents households accruing large scale debts and facing eviction 3. Teaches sensible financial management skills 4. Develops claimants’ money management skills to a point of independence The roll-out of Universal Credit will present three conditions that may indirectly lead to families facing increased debts and, ultimately, eviction. 1. Universal Credit will be paid to one person within the household – for a family with children aged 18 or over, this may be the equivalent of three or more people’s benefits. 2. UC will be paid monthly, as opposed to current weekly/fortnightly arrangements. 3. In most cases, the housing benefit component will be paid to the household, rather than directly to the landlord. Although for the majority of households, the above three conditions may not be an issue, there is a risk of serious problems if the benefit recipient is unable to manage the household’s income effectively. Money Mentor is a service designed to address and prevent these issues. Through a combination of financial monitoring, coaching and guidance clients will, over the course of 6 months, develop the skills and attitudes needed to manage their finances confidently and competently once the UC claim goes live. Money Mentor is delivered in partnership with credEcardplus and in alignment with the Adult Financial Competency Framework.

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