Financial wellbeing: MyBnk and Campus Living Villages collaboration

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MyBnk and Campus Living Villages collaboration

Due to our extensive research and focus on student mental health, we are all too aware of the connection between financial stress and poor mental wellbeing. In fact, the Money and Mental Health Policy Institute has found that people with mental health issues are three times as likely to be in problem debt.

Following conversations with our university partners, we’re delighted to announce our new partnership with financial literacy charity MyBnk.

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How we’re collaborating with MyBnk

MyBnk specialise in developing financial training workshops for young people, and we’ve been working with them since the start of 2018 to develop a new training and workshop programme; tailored to university students moving away from home for the first time.

The pilot programme will launch at our University of Bedfordshire accommodation as new students move in.

Find out more about MyBnk.

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What we’ve done to help remedy the situation

In short, we recognised that financial support is essential, and something we are bound to provide with 13,000 students living in our UK halls.

On the other hand, we’re aware that we won’t always be able to deliver the specialist advice that our students need, so we started searching for a partner who could.

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Staff training

We want to ensure that staff can provide guidance and signpost students appropriately, whether they are struggling or they want to put measures in place to avoid future issues.

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Pre-move-in workshops

We hope to provide students with an overview of what to expect from money management when they start their academic career.

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Arrears workshops

These sessions will support students who are in arrears and provide advice and guidance on how to get back on track.

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Drop-in sessions

During the first six weeks of the year, students will have the option to attend drop-in sessions, as they adjust to managing their finances independently.

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#MoneyHacks

Our #MoneyHacks information leaflet is now available on our My Village Guide induction portal, with more advice and guidance on managing money.

We will be evaluating and assessing this pilot throughout the end of 2018 and if successful, we hope to be able to roll out the programme to the rest of the portfolio.

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Drop-in sessions

During the first six weeks of the year, students will have the option to attend drop-in sessions, as they adjust to managing their finances independently.

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“Being a fresher is an exciting but potentially daunting time for new students. For the first time, many will live independently, receive more money in a lump sum than they’ve ever seen before and then be offered further credit. #MoneyHacks catches students just in time to de-dramatise personal finance, instil good money habits and help avoid the pitfalls and stress triggers, so students can concentrate on their studies and enjoy university.” Guy Rigden, CEO, MyBnk.

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Who we’re supporting

Our work with MyBnk will eventually have a multi-pronged approach, whereby we will focus support toward students at financially vulnerable points in their university career.

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Before you move in

We hope to reach a stage where we are proactively helping to prevent debt, rather than supporting students who are already in a bad place financially – and potentially mentally – as a result.

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Throughout your time at university

Simply preparing a student for money management will never be enough, as potential issues could occur at any time. We want to keep reiterating and refreshing our support system while our students are at university, so you are – wherever possible – never taken by surprise.

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When you need help

For one reason or another, some students could still end up in financial difficulty and taking a proactive approach to money management advice might be forgotten with other factors affecting their lives. For this reason, we will always provide any additional care we can, when our tenants find themselves struggling.

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