Start Smart

Aim

A multi-dimensional financial capability program for young women from lower socio-economic homes who are transitioning to independent living

Inflation has reached a 30-year high and we are seeing increased poverty across the country, especially in and around disadvantaged communities.

In July 2022, 91% of UK households reported that their cost of living had increased! Although we all hope for the best, there is indication that this is not going to ease anytime soon and we may face a long period of economic instability and/or recession.

Prevention is better than cure.

If we can support people to make good financial choices, we can pave the way for better futures and ensure the most vulnerable are able to cope during periods of economic instability, alleviating the strain on welfare systems, food banks and poverty relief organisations.

Start Smart will prepare disadvantaged young women for secure & healthy independent living during critical adulthood transition; increasing independence, developing personal resilience & encouraging healthy financial futures.

Over a year, we'll support 50 disadvantaged young women from minority communities to attain financial security and leave behind historic deprivation and poverty, through a bespoke 40-week independent living program (ILP) delivering financial literacy sessions, workshops and mentors, empowering them with knowledge/skills about how to take charge of personal finances at this transitional period.

This early intervention will improve the socioeconomic future of this community, especially during a period of economic instability.

About Teen Action

Teen Action supports young women aged 16-19 years from North London’s minority communities, addressing gaps in provisions for BAME young women with specific cultural and/or socio-economic needs, who have historically high levels of deprivation, poverty & exclusion.

We support through group and 1:1 provisions designed to develop skills, improve education outcomes, promote health/wellbeing, and support them as they transition to employment/independent living; creating better futures.

We are a grassroots charity led by young people and women from our community, holders of the London Youth Gold Quality Mark.

Start Smart provision

We’re targeting young women from Hackney’s ethnic minority communities, which are steeped in poverty/deprivation and experiences higher levels of child poverty, due to large families (averaging 6.7 persons) and low incomes.

Young women lack essential financial skills, easily absorbed by children growing up in middle-upper-class homes. Unhealthy spending habits, reliance on government support and charity, coupled with little/no financial literacy put them at severe risk of poverty when moving to independent living at a young age. Therefore young people need to improve essential financial literacy skills when shaping their own futures, so as to break the cycle of poverty.

Coming from poor homes, that rank within the lowest 20% on the Indices of Multiple Deprivation, where a strong work ethic is absent and parents are reliant on government benefits, young people's sense of responsibility and financial capability is severely impacted. We can't change their circumstances but we can give them skills/encouragement to affect their own change.

Start Smart is an expansion of a program funded by BBC CiN, delivered between June 2018–July 2021 with excellent results, supporting 140 disadvantaged young women to develop financial literacy and budgeting skills, confidence and self-esteem, independence and decision-making skills.

In line with demand and the cost-of-living crisis, we’ll deliver this program again, supporting up to 50 young women, the majority of whom will be socially and economically disadvantaged. The program will be a combination of user-led sessions and workshops over a 40-week period yearly, for 2 individual groups of 25 young women.

Sessions will be led by Claire Friedlander, an experienced tutor who runs adult workshops relating to financial management and who has delivered the program in the past. Interactive workshops will take place on the last Thursday of each month led by industry leaders, chosen by the project steering group. Topics covered across the program will include financial planning, Income/taxation/benefits, expenditure/budgeting, debt/borrowing, savings/investments, housing/mortgages, pensions, insurance and more. Users will work towards a Level 2 Financial Capability Certificate from the London Institute of Banking & Finance.

Participants will be encouraged to lead discussions and make informed decisions, whilst keeping an expenditure diary throughout to track progress and engage with learning.

Young women will be able to sign up for a mentor (one of 8 volunteers) to reach out to for up to 1-year post-program when moving to independent living.

We've further developed the program to include all features related to Independent Living (not only the financial aspect), as we recognise that holistic delivery is the way forth and the best method to ensure long-term, sustainable outcomes and support those who face multiple disadvantages. Sessions on personal care, home-making, relationships and adulthood will be delivered alongside the financial capability training, to fully support those transitioning to independent living at a young age and during turbulent times.

Project outputs

50 direct beneficiaries
350 indirect beneficiaries
40 financial capability sessions delivered
18 independent living sessions delivered
10 interactive workshops delivered
50 London Institute of Banking Financial Capability Certificates
8 mentors recruited, and trained, to support beneficiaries

The difference we will make

Difference 1: Developed essential skills (Financial literacy)

Young people will have increased financial literacy and numeracy skills through Start Smart sessions, activities, workshops, and a mentor.

Difference 2: Increased confidence

Young People will have increased confidence and self-belief, through being supported to lead on sessions, take charge of their own finances and through achieving accreditation.

Difference 3: Increased independence

Young People will have increased ability to manage their lives, in particular their finances and independence, through being supported to make informed decisions.

Difference 3: Reduced Poverty

By empowering the next generation of women, mothers, and homemakers with the skills to manage finances effectively, we will be reducing poverty in communities where this is rampant.

How we will measure the difference made

Participants complete a questionnaire, designed by the project steering group, at the start, middle, and program end to rate anticipated outcomes on a scale of 1-10. Results will be charted to see trends of growth. This will show first-hand evidence related to anticipated differences.

In addition, the tutor will fill out a session evaluation form weekly, noting soft outcomes and giving short detail about achievements. Session/workshop registers will evidence attendance and outputs.

Achievement of accreditations will be further evidence of outputs as well as subject matter learned and skills achieved.

Quarterly, we’ll hold a focus group with a sample of participants, volunteers, the director and the tutor, with minutes recorded.

Mentors will complete summary forms after supporting young people post-program, to gauge long-term change.

Information collected will be held securely and in-line with GDPR in a central project folder and will be compiled into a formal report at each year-end.