There are approximately 60,000 young adults aged 18-24 in England who experience homelessness each year, whose needs are often very complex. The UK Department for Communities and Local Government (DCLG) and Cabinet Office commissioned seven Social Impact Bonds as part of the Fair Chance Fund to support 1,600 of the most vulnerable young people in society to get their lives back on track. The different Social Impact Bonds will help young people find accommodation, gain qualifications and move into work, and the findings will inform policy direction.
- Around 1 in 5 young homeless people have substance abuse or mental health issues, and 40% are not in education, training or employment (NEET).
- The Fair Chance Fund Social Impact Bonds aim to support those homeless young people with greatest needs, who may have been failed by other services.
- It is expected that the scheme will create significant long-term savings for taxpayers because of its impact in reducing crime, poor health and long term benefit dependency.
The Rewriting Futures programme, developed by St. Basil’s, is intended as an extra ‘safety net’ for young people. Services are provided by a variety of partner agencies (e.g. Housing Associations) and co-ordinated by one key individual responsible for providing practical, personal and developmental support. Key workers are carefully matched with participants to ensure they can relate and work together over a long period.
There are three outcomes metrics: sustained settled accommodation measured at 3, 6, 12 and 18 months; achievement of NVQ qualifications or equivalent; sustained volunteering placement, part time or full time work for between 6 and 26 weeks. Payments are also available for conducting assessments with participants. Outcomes are measured for each young person the Social Impact Bond works with.
Social Finance is supporting St Basil's deliver the Social Impact Bond.