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GMW 2015: Day 5 – Detoxifying Money

 

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The final day of Global Money Week has seen us taking money outside the classroom and helping older young people.

We made our way to Mears Group where we met a group of boys who were struggling with independent living and not managing to save a lot of their money. Money Works is our intervention style debt programme. This group learnt how to make their own personal budget plans for their futures, found out where most of their money was going and learnt what kind of bank accounts would be best for them to ensure they were able to save each month.

MyBnk takes a different approach to personal finance in Money Works, detoxifying participants relationship with money so they can comfortably think about their futures. One way  to illustrate this is showing how easy the concept of saving actually is, when you know what you are doing, like prioritising your outgoings in a jam jar account in order to see how much money you have left over for leisure. It was an effective way of demonstrating how to not run out of money.

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“When I have money, it disappears I save a bit but I spend a lot.learn about this for your future when you have to think about things like rent, I know first hand that it’s difficult sometimes to pay rent on time. MyBnk has taught me a lot, I feel like I know how to manage my money better now and I have started to cut down on my spending in order to save more.” Joel, 22, Mears Group

Alongside Mears Group we have been in action across the UK, from Carshalton Boys Sports College in London to Ingleby Manor Free School in the North East, giving teens the chance to start their own business in Enterprise-in-a-Box. We provide ethical products and train them to sell and make their own money! The students had to consider picking a responsible person to keep their money safe and also debated their costing and selling price.

Conisborough College students are one step further along in their first enterprise journey, preparing their market stall in just a few weeks time via our Back My Business programme! From drawing board to product development, we take students on a journey as they plan out their money making idea with real loans and making real profit.

A big thanks to schools, youth organisations and Children & Youth Finance for an amazing Global Money Week here in the UK. There are more round-ups and the result of the Demotivator Competition to come.

This week we have helped nearly two thousand young people in over 40 sessions, special events and 1-2-1 Money Advice Service sessions – but we are barely scratching the surface. The focus now is on delivering quality, high impact and relevant financial education and enterprise lessons to all young people. Exciting developments coming this way! 

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