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Financial education – The Impact Centre

 

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The first question we are asked by teachers, funders, parents and politicians is: “does it work?”

Since our inception in 2007, MyBnk has demonstrated a commitment to the monitoring and evaluation of our financial education and enterprise work that is unrivalled in our niche, specialist sector.

From September, money lessons will become a compulsory part of the National Curriculum and stakeholders are rightly demanding evidence of longer term impact. This is why we have launched the new MyBnk Impact Centre.

Hosted by our long time supporters J.P. Morgan Chase and helping us kick-start this new and exciting phase were Anthony Browne, Head of the British Bankers Association, Caroline Rookes, CEO of the Money Advice Service, young bankers from our MyBnk-in-a-Box scheme at Mount Carmel Girls School, Syed Kamall MEP and our Patron Karl Johan Persson, CEO of H&M.

Achieving a financially literate and enterprise driven generation means we all need to add our piece of the puzzle, this is ours. In assessing outcomes over a longer period we see follow up assessments, in-depth interviews and focus groups enabling us to reach more young people and keeping our programmes relevant, cutting edge and contextually accurate.

Helping present his personal piece was Dan, 17, from North Hertfordshire Job Centre Pupil Referral Unit who recently took part in our Business Battle programme. After we took him from drawing board to marketplace in just four days, he told guests how the MyBnk programme brought discipline to his finances, got him a new job as a student teacher apprentice and is now helping him market his parents business.

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“MyBnk have had a massive impact on me as a person and on my life. They helped me to sell myself in interviews, they taught me business skills and most importantly, to have confidence”. Dan (r)

This programme, like others, it’s resources, designs, materials and activities are rigorously assembled by our in-house team of educators, tested by young people and quality checked by experts. Education Officers receive weeks of training, observation, tests and every session is rated by teachers and young people. Every year we produce an Impact Report highlighting the effect of these projects.

The Impact Centre builds on this solid base as we develop longitudinal studies and understand behavioural change. This will help us double our reach to arm 40,000 young people with money and enterprise skills, expand into new areas and develop fresh programmes in 2013/14. MyBnk’s piece of the puzzle is to work tirelessly at getting it right.

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To share best practise across our sector, we have teamed up with other providers like pfeg and The Money Charity to form a new Youth Financial Capability Group to co-ordinate efforts in the classroom and beyond.This work is going to benefit everyone interested in financial capability.

As a charity, none of this is possible without the individuals, companies, trusts and foundations that give to this work. Every donor and funder helps completes our puzzle – without you we could not continue our important work.

Financial Education doesn’t need to be puzzling.

To help, to build, to impact, please contact us: info@mybnk.org.

 

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