A £532,000 People’s Postcode Lottery Award will go towards a project aimed at boosting the financial literacy of young people with hearing and sight loss.
The Royal Society of Blind Children (RSBC) is one of three charities involved in the Money Mechanics project, which received the award at the People’s Postcode Lottery Charity Gala in Edinburgh on 24 January.
The other two charities involved in the initiative are The Royal Association for Deaf People and financial enterprise charity, MyBnk.
The project will provide key money management skills to young people between the ages of 16 and 25 who are living with sight or hearing loss in London and the South East.
RSBC chief executive, Dr Tom Pey, told OT Money Mechanics would make sure young people with sensory impairment had the knowledge and skills they needed to deal with their finances effectively and independently.
“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,” he highlighted.
“This gap in their knowledge creates barriers to their economic and social independence,” Dr Pey added.
Dr Pey highlighted that 90% of those diagnosed with sight loss in youth did not work for more than six months of their lives, while an estimated 70% were living on the poverty line.