The funding, from financial services group Friends Provident, will pay for a financial literacy officer to work with young people in 16 hostels in London.
The officer, likely to be recruited over the next few weeks, will design and deliver a programme to develop young people's skills in budgeting, debt management and planning. A spokeswoman for the charity said: "Young people often have inhibitions about approaching advice services. This will provide them with someone they know."
See Analysis, p9.
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