YOUNG people are set to learn financial confidence thanks to a £884,299 Big Lottery donation.

Erimus Housing will be working with tenants across Middlesbrough as part of the Know Your Money, Keep The Change project.

Nat Sloane, England chairman of the Big Lottery Fund, visited the housing association to find out more about where the grant will be spent.

The company is working closely in a partnership with a number of other organisations across Middlesbrough to develop a scheme which will help social housing residents aged 18-25 to take control of their finances with help from their peers.

Mr Sloane said: “We have a mission to work with people in the communities most in need and we would look to do early intervention to help prevent people’s problems.

“This is a way of working with organisations and residents in social housing to improve financial confidence and stay out of trouble.

“The programmes we are backing have innovative approaches to help and reduce need. That’s why I’m so excited about this programme.”

The project, which is due to start in early 2013, will see a team of budget advisers working from a town centre location to help support the young people.

(CORR) Simone Falaja, 22, is part of the youth advisory group working on developing the scheme.

She said: “Everyone needs to learn how to manage their money a lot better, especially because of the recession.

“This project is going to help a lot of young people and how they should be managing it into the future.

“I would really encourage as many people as possible who are in social housing and within the age range to take up this opportunity when it becomes available early next year.”

Stewart Tagg, head of housing for Fabrick, the parent company of Erimus Housing, said: “It’s about improving financial confidence in young people as well as their prospects for keeping a roof over their head.

“There will be three different levels of support as we recognise that people might not have a clue about managing money. That means we don’t exclude anyone but that the mentoring can focus on the people who need the most support.”