Why we do it
The need for what we do has become a right.
Why? UK personal debt is at a record £1.4 trillion, around £9,000 per person; it is hardly surprising given that 90% of the UK population have never received any form of money management lessons.
Youth unemployment stalks Europe and the traditional routes to employment are changing. This generation will have to make smarter financial decisions and create their own opportunities.
Need for Financial Education
It is currently pot luck whether or not a young person receives any financial education as it is not a compulsory subject. Sparingly taught in schools, just a third of teachers feel confident with the subject matter, according to a Financial Service Authority study.
MyBnk are responding to the fact that many young people are not being taught the necessary financial skills needed in life, leaving them either financially excluded or unable to deal with their personal finances effectively.
There are now over 3,400 different mortgages, 300 major credit cards and 4,000 different saving accounts for young people to navigate.
Need for Enterprise Education
This year, higher tuition fees resulted in an 8.9% drop in UCAS applications.
The willingness to take risks, the courage to face possible failure, and self-belief are all known characteristics of entrepreneurs. Being entrepreneurial incorporates a set of behaviours and outcomes that extend across all working environments, and organisational contexts, and into the wider world of individuals outside and beyond work.