The missing money lesson
Becky Young, Director of Fundraising and Communications at Money Ready, opened the event. She was joined by Sally Dickinson, Head of the Berkeley Foundation, who spoke about the strength of the partnership between the two organisations and why this research matters so much to the Foundation.
Becky then presented the key findings from the report ‘The missing money lesson behind homelessness’. Drawing on three strands of evidence, a nationally representative poll of 3,000 young adults aged 18 to 40, qualitative fieldwork with young adults via charities St Basils and The House Project, and Freedom of Information responses from 56 local authorities across the UK, the research revealed that:
- those with the lowest financial literacy are nearly twice as likely to experience housing insecurity as those with the highest (57% versus 29%)
- many rely on short-term credit just to keep a roof over their heads
- housing insecurity leads to mental health challenges and lives put on hold, with 92% having to put a major life plan on hold
- financial and benefit-related factors are almost never recorded as a cause of homelessness anywhere in the UK
To help bring the human element of the numbers to life, Barrie Hodge, Director of Income Generation and Value Capture at St Basils, was joined by Sophia from their Youth Advisory Board, to talk about her experience of housing insecurity and money. Her story resonated greatly with those in attendance. She said, “I was falling, but I was lucky that I was caught before I fell any further. Thank you for listening and giving me space. Thank you for giving me the opportunity to look up and forward. And thank you for letting me be part of this research.”
Empowerment, growth and hope
An important part of this event was the opportunity to get involved in a collaborative artwork led by Birmingham-based street artist Adam Illes. Drawing on themes of empowerment, growth and hope, the artwork, spread over four canvasses, features local landmarks, green leaves and the depiction of the act of painting representing self-actualisation, creating an emotive circular narrative. Several attendees spoke about how much they enjoyed coming together to create something as a group, and how valuable it would be to see more of that same spirit of collaboration across the homelessness support system itself.
Read the full research report ‘The missing money lesson behind homelessness: Financial literacy and its impact on housing insecurity in the UK‘.
View some of the media coverage highlights:
Half of young adults face housing insecurity due to lack of financial education – Credit Connect
Nearly half of 18-40s have faced housing insecurity – Mortgage Strategy
Half of UK young adults facing housing insecurity highlight lack of financial education – Money Age
Tackling homeless will call for bold and widespread interventions | Estates Gazette
The launch in photos
Explore the findings in full
The missing money lesson behind homelessness: Financial literacy and its impact on housing insecurity in the UK