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Why we do it

The need for what we do has become a right.

UK personal debt is at a record £1.5 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 and this at a time when youth unemployment stalks Europe.

The traditional routes to employment are changing – the opportunities we create for young people must also change as we live longer and pay back our debts.

Along with increased living costs, this generation will have to make smarter financial decisions and create their own opportunities.

 

Need for Financial Education

3It 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.

 

  • 314 people are declared insolvent or bankrupt every day.
  • Nearly half of 16 to 25 year olds name debt as their biggest fear.
  • Over a quarter of the UK population has no savings.
  • Britons have less than £1,850 sitting in the bank, equivalent to the average monthly salary.
  • 1 in 20 teenagers think they do not have to pay back credit card debt at all!

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

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The UK job market is increasingly competitive, creating much uncertainty for young people’s futures – Do I go to university or do I get more experience? Should I do an apprenticeship?

This year, higher tuition fees resulted in an 8.9% drop in UCAS applications.

  • Over 1 million 16-24 year olds are unemployed.
  • 1,700 people are made redundant every day.
  • The world needs to create 600 million new jobs over the next decade to sustain economic growth and maintain social stability.
  • Young people are three times more likely to be unemployed than adults.

Enterprise helps bring financial knowledge to life and can provide a successful route to long-term participation in the job market.

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.