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MyBnk Comment – APPG Financial Education Effectiveness Inquiry

 

MyBnk welcomes the latest publication by the All Party Parliamentary Group (APPG) on Financial Education for Young People.

The report sets out a range of sensible proposals for enhancing young people’s financial capability throughout the UK and we thank the APPG’s members, Suella Fernandes MP who chaired the investigation and contributors, who like ourselves, made representations to the board of inquiry.

Two years on from achieving limited statutory status for money lessons in England’s secondary schools, MyBnk has cautioned against a ‘job done’ mentality and continued to highlight difficulties and opportunities in helping young people manage their money and make informed decisions. This report reaffirms the importance of financial education for young people, supports and elaborates on such insights and puts forward pragmatic recommendations.

Its proposals to strengthen the breadth and depth of provision, make financial education compulsory at primary level, whole school and cross-curricular coordination, improved teacher training, introducing impact measurement, testing and signposting best practice are all steps in the right direction.

However, our experience in delivering financial education to more than 130,000 young people in 750 schools and youth organisations, underlines that success depends critically on the expertise of those that teach. The whole school curriculum is vast and, unfortunately, once the money lessons box is ticked, it can slip down the priority list for many schools.

Priorities

A new Initial Teacher Training framework, to be introduced later this year, offers the chance to enhance financial education in schools whilst equipping new teachers with the skills to teach it well. We believe unless and until a ‘gold standard’ for teacher training and a holistic whole-school approach is adopted, practical solutions and outside support will be required, including direct provision from experts, trained for example, by MyBnk.

The report expresses concern that the government has not specifically resourced financial education in schools, but argues schools should use Pupil Premium and that the financial services sector should regard financial education as central to corporate social responsibility to fund such provision. Our view is this is a recipe for inconsistent and variable provision.

The recommendation to evaluate and share practical approaches to effective financial education through the work of The Money Advice Service is a good one and we will work closely with them. Once a range of effective approaches is available we would urge the government to revisit consistent funding of effective financial education.

For more, please see our Policy section which includes our summary response and full submission to the APPG inquiry.

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Impact: Financial Education – From pre-uni money worries to a first saving account

 

Uni DoshDoes it work? Can you prove it? Since inception, MyBnk has demonstrated a commitment to the monitoring and evaluation of financial education for young people that is unrivalled in our sector. For every session we collect impact data from teachers, facilitators and young people. Participants complete baseline and end line questionnaires and go on to join focus groups.

A year after his Uni Dosh workshop, we caught up with a Sixth Former from Bishop Thomas Grant School. The two hour specialist programme provides would-be-students with the full picture of the true cost of university life and gives them the skills, to pay the bills.

Frederick, 18.

FredWith a conditional offer to study Drama, Frederick was fearful about how he would afford the living costs associated with university and unsure of the financial support available.

“There is a lack of information and depth about what uni will actually be like. I bash the keyboard at home but just don’t know where to go for practical help. I’m really worried about the cost of living.”

Our Education Officer helped Frederick and his class explore loans, bursaries, banking, debt and part-time work. This included activities, games and videos drawn from youth culture to stimulate the cost of independent living, inform their decisions and create an action plan for their first year at university.

What happened next?

“MyBnk showed me how and why to save. I found out about type of loans which was available and essential information about university. Uni Dosh allowed me to understand the importance of saving money and gave me an insight of what it’ll be like on my own – having to pay for things like food, essential things, housing and more. Things I’d never thought of before.

This workshop helped me because I think carefully before buying something I know I want, but don’t need. I’m more aware of the cost of items. Before, I just bought it, no matter how much it was and I couldn’t go out with my friends and had very little money.

 

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My job pays me £9.15 per hour and I work weekends. I get paid weekly in which I get £109.80. Before the workshop I used to spend the money on payday which left me with only £30 in my account. This was difficult afterwards because I would be invited out but I wouldn’t have enough money to go. Since I’ve been told about savings and how to control my money I put £59.80 into my savings account every Friday. This way I don’t spend money on items in which I don’t need and it leaves me with £50 in my account in which lasts the whole week.”

Request a session to book our Uni Dosh programme for your young people.

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MyBnk Blog – Queens Speech 2016: Financial education well placed to improve life chances of young people

 

Our latest MyBnker blog is from our CEO Guy Rigden who examines the implications of the Queens Speech 2016 on the financial wellbeing of young people.

guy“This week’s Queens Speech is very much welcomed by MyBnk and could be a big step forward in the forging of a financially literate and enterprise driven generation.

Long expected items were confirmed regarding the Money Advice Service and new minimum wage levels for 16-24 year olds, and commitments made on young people in care and incentives to save. Much of the programme for government is helping to shape an environment that improves the life chances of young people, though there are, as always some concerns.

Young savers torn between saving for a home or a pension were offered help to do both in the Lifetime Savings Bill. A cash bonus worth up to £1,000 a year will be added to every £4,000 saved into a Lifetime Isa.

We are pleased that it will be available to those aged 18 years and up, unlike other schemes such as the new National Living Wage, where young adults have to wait until they are 25. Furthermore the scheme specifically benefits those on low incomes who would not receive a tax benefit when saving through a pensions scheme. The ‘locked in’ savings feature penalises those taking cash out before they are 60 or wish to buy a home, but should support more beneficial, long term goals.

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Almost half of UK adults have less than £500 set aside for emergencies. The new Help to Save initiative allows young people on Universal Credit to put aside £50 a month and have it matched by the state. For many, this has the potential to be a lifeline and MyBnk welcomes any incentive to save. For these new schemes to be successful, we still need to ensure young people know how and are motivated to save and understand the reasons for and consequences of financial decisions.

A new “Care Leavers Covenant” will make sure local authorities set out clearly the entitlements for care leavers – including housing, jobs and healthcare. This should include a ‘right to effective financial education’. We have been helping thousands of young people in Leaving Care Units through our award winning Money Works programme. An upcoming Children’s Society report, assisted by MyBnk, will reveal the challenges local authorities face in helping young people make a sustainable transition to independent living. There are also similarities here regarding our work for vulnerable young people and the new prison reform agenda.

Money Works logoThe merging of the Pension Advisory Service, Pension Wise and Money Advice Service into a single body was confirmed. This is very welcome but we question why an additional ‘new money guidance body’ is required; this important function could be incorporated into the merged body. Saying that, transitioning to commissioning services and backing ‘what works’ could see more young people receiving effective financial education services.

We are also pleased at the expansion of the National Citizens Service, where MyBnk provides workshops through partners such as the Big Creative. This summer we will be out in fields and youth clubs bringing money, tax and government spending to life through our revamped Sporty Money Twist programme.

On the academisation front, we acknowledge the drive for higher standards, though note that this means more secondary level outfits can to opt out of the national curriculum, where financial education is statutory up to GCSE level.

To maximise the impact of these proposals, financial literacy for young people needs to have a strong presence. MyBnk will ensure its role and purpose is centrally placed in upcoming consultations and inquiries.”

Guy Rigden, CEO MyBnk.

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Report – Building societies ‘uniquely placed’ to help young people manage money

 

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  • Building Society Association (BSA) commission report by MyBnk.
  • 54% of societies providing financial education for young people.
  • Greater focus needed on pensions and credit.
  • Localism ‘trumps’ one-size-fits-all national approach.

Britain’s building societies are well placed to help stem the nation’s personal debt crisis at a grassroots level with better financial education for young people, according to a new report by MyBnk.

The nationwide study found that while 54% of societies are already helping youths learn how to bank and budget, a breakthrough could be made in developing long-term positive money habits with a central BSA vision, effective resources and youth sector collaboration.

Tens of thousands of 5-25 year olds are benefiting from dozens of innovative society projects using intergenerational advice and trained volunteers. However, greater efforts are needed to help youths make informed decisions on areas such as pensions and credit, says MyBnk.

The BSA has already established a working group to advance key recommendations of the study, while individual societies are continuing to develop their activity alongside experts from the youth financial education sector.

UK personal debt is at a record £1.45 trillion, 17-24 year olds owe on average £12,215 each (over half of which is not student debt) and despite curriculum requirements, less than half of young people receive any form of money lessons at school.

“Many societies are punching above their weight. They know their communities, the pressures they face and have an advantage over some national organisations by avoiding a one-size-fits-all approach. If they can address issues of resource, training and expertise, the sector can fulfil its massive potential to improve the financial wellbeing of wider society.” Guy Rigden, CEO MyBnk.

“MyBnk’s research shows that the building society sector is providing some excellent financial education ranging from the delivery of workshops, online resources and running school banks. Given their links to local communities and emphasis on building long-term relationships with members, financial education is a natural fit with their businesses. There is a considerable appetite to do more. We look forward to building on the report’s recommendations to develop the sector’s financial education provision through the new working group.” Robin Fieth, Chief Executive, BSA.

Report

MyBnk examined the effectiveness and scale of the youth financial education efforts of 44 building societies and two credit unions. We also produced a road map to improve provision.

Final report with Executive Summary

See how we have helped other organisations deliver effective financial education for young people via our consultation and collaboration services.

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MyBnker Blog – Making Money Work for Young Offenders

 

We welcome the first in a series of new MyBnker blogs from the frontline of financial education and enterprise for young people. Everyday our experts deliver workshops in schools and youth groups across the UK – bringing money and business to life.

Today we hear from Education Director Sharan Jaswal on our recent work helping young offenders learn to manage their money once released.

IMG_0659It’s been an exciting few months at MyBnk as we started delivering our Money Works programme in youth offender institutes after being approached by HMP Feltham YOI to support their pre-release education programme ‘Getting it Right’.

We’re very pleased to have started this work, as it is such a transitional time for these young men. They are about to get a second chance to rebuild their lives on the outside, and their mind-set is one of setting goals and making better decisions.

Many are unable to return to their homes after their sentence and will be put into social housing with no grasp of Universal Credit and the challenges this will present them. Some are coming out to years of accumulated debt that they mistakenly thought would be written off.

Several also have young children on the outside that they’re wanting to provide for after not being able to whilst inside. The work we are doing is vital in empowering them with the knowledge, skills and confidence to take control of their finances as soon as they are released, before it takes control of them.

 

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Since December 2015, we have delivered eight Money Works programmes in YOIs, reaching 51 young offenders, 40 of whom achieved a Level 1 Personal Money Management accreditation. We’re looking forward to continue and expand on our work with young offenders, so watch this space!

After a very successful first session, Feltham are now starting to book us in monthly and have referred us to other institutes. The impact of our sessions has been significant – both the participants and case workers have been extremely pleased:

Money Works logo“Very informative – I have learnt how to manage my money properly and carefully. When I get a job it will help me be able to budget my money. I found the course very empowering and loved it! ❤” – RW, 21, HMP Feltham.

“This programme was very helpful. I now understand a lot about Tax/NI/APR/AER. I can budget much better. I understand the minimum wage. It was a pleasure to work with them. Thanks to them – they were amazing.” – TJ, 23, HMP ISIS

MyBnk were amazing! The group ran brilliantly over the two days and they managed to keep the boys engaged throughout, which is no easy task. I am really pleased with how the course ran and the professionalism of both your trainers. The boys really enjoyed the course and have already recommended it to their friends! ” – Natalie, Resettlement Coordinator, Getting it Right, Catch 22.

For more, see our recent case study from HMP ISIS Young Offenders Institution:

“After representing England at boxing aged nine, TS was kicked out of school on becoming a teenager. He then turned to, as he describes it “road life, because I wanted money”.

 

 To request a Money Works session, please complete our booking form.

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Young peeps, tuned into biznesssss!

 

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Young market traders have tripled their dough after a MyBnk enterprise education challenge.

In just four days, a dozen 15-17 year old music students from SoundSkool went from drawing board to Edmonton Green Market using interest-free micro loans. The Sounds Success team made £120 profit off a £40 loan by trading vintage vinyl records and retro clothing. That is 300% profit!

MyBnk’s Education Officers taught them how to design, cost and sell products, write business plans, give pitches, and budget. UK record sales have grown 62% this year, and young people, ever quick to spot a trend, used their new marketing skills to reel in the punters.

The Mind Your Own Business project, supported by the Blackstone Entrepreneurship Initiative, is helping young people learn key soft skills like negotiating and customer interaction in London’s poorest boroughs.

 

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“The MyBnk experience was great! It has given me a confidence boost, and allowed me to expand my business knowledge and build my social and communications skills – some of us even found it more practical than BTEC in Business which we’re studying for!” Shankade 15.

“The young people were vibrant, energetic and great salesmen. They were well supported by the MyBnk team and the techniques they learnt are essential not just in business, but in life.” Connie Abbe, Youth Worker, SoundSkool.

“This is the power of enterprise! Young people not only learnt vital employability skills, they used their new business smarts to make big profits. Projects like ours are a key first step in young people being their own boss.” MyBnk CEO Guy Rigden.

Want to bring money and business to life for your young people?

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We have a range of financial education programmes and enterprise experiences available for local schools and youth groups – especially in:

Barking and Dagenham, Barnet, Brent, Camden, Greenwich, Hackney, Harrow, Hammersmith & Fulham, Haringey, Islington, Kensington and Chelsea, Lewisham, Newham, Southwark, Tower Hamlets, Waltham Forest, and Westminster.

Get in touch at info@mybnk.org and start today!

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New CEO – Founder Becomes Co-Chair of Trustees

 

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Lily Lapenna, our founder and leader since 2007, has become Co-Chair of Trustees at MyBnk. Guy Rigden, Co-CEO since 2014, is now sole CEO of our charity.

Since 2007, Lily has helped develop our range of financial education and enterprise programmes for 11-25 year olds. An Ashoka Fellow, in 2010 she was appointed a Young Global Leader by the World Economic Forum and later campaigned successfully to include money lessons in the national curriculum.

Under her tenure, MyBnk has reached over 135,000 young people through 750 secondary schools and youth organisations in England and trained others to replicate our work across Europe, Africa and Asia. We have won numerous awards, including the Preventing Poverty Award from the Centre for Social Justice and in 2015, the Leaving Care Award from Children & Young People Now. In the same year, The Money Advice Service gave our charity’s flagship programme, Money Twist, the highest effectiveness rating of any UK youth money skills project.

Guy Rigden will continue to drive MyBnk’s mission to bring money and business to life, support more vulnerable young people into independent living and expand our schools work to younger ages.

It is an exciting time for MyBnk as we integrate technology, physical fitness and creative arts into our programmes and grow via new projects in the South of England and, next year, the Midlands.

“It will be a pleasure continuing to work with Lily and the team to equip young people with key life skills like budgeting and saving and helping them develop an enterprising outlook. Despite progress, our work remains vital. 59% of young people still do not receive any financial education and the downgrading of the Money Advice Service puts at risk efforts to improve the nation’s financial capability. MyBnk will continue to meet these challenges head on.” Guy Rigden, CEO, MyBnk.

“It has been a privilege to help young people learn how to manage their money, start an enterprise and find employment. I have cherished being part of the passionate, spirited and bright MyBnk team. Through our work, I have witnessed incredible changes: 12-year-olds developing saving habits by running school banks, care leavers prioritising their debts whilst preparing for independent living and unemployed youth having their first entrepreneurial experience – leading to a job or business. I look forward to my new role where I will continue to contribute to this amazing story. I will always feel that MyBnk buzz!” Lily Lapenna, Founder and Co-Chair of Trustees, MyBnk.

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MyBnk South!

Potential

MyBnk is bringing the UK’s highest rated financial education workshops for young people to Southampton schools!

Nearly 4,000 students will learn how to budget, bank and borrow, understand taxes, tuition fees and employment rights and prepare for independent living.

The three year £196,000 project is in partnership with Old Mutual Wealth, one of the UK’s leading wealth managers.

Our trained and tested Education Officers will be delivering:

The government’s Money Advice Service has given MyBnk’s Money Twist programme for young people the UK’s highest effectiveness rating. After our sessions, we see a 40% increase in students understanding of credit, interest rates and inflation, an 18% rise in positive attitudes towards money and a 25% jump in skills.

Teachers are invited to register their interest now for access to free workshops!

Guy Rigden, MyBnk CEO said:

“We are thrilled to be bringing money to life for young people in Southampton schools. Managing money well opens up new opportunities and helps make informed decisions. When it comes to debt, prevention is always cheaper than the cure and right now, as individuals, we owe £1.45 trillion! Schools, teachers, please get in touch.”

Paul Feeney, CEO, Old Mutual Wealth, said:

“Gaining the skills and confidence to manage finances early in life is critically important. We are delighted to support MyBnk to expand their services in a local community where we are a major employer. Learning how to use credit effectively, tackle debt or make wise spending decisions will help the students to live more prosperous lives.”

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Annual Review 2015 – CEO’s Message

CEOs“It has been another remarkable year as financial education lessons became embedded in England’s National Curriculum for the first time. 

We armed 32,000 young people with practical skills, brought 400 enterprise ideas from drawing board to market place, and helped 2,244 vulnerable young adults move into independent living and deal with debt.

MyBnk’s impact was recognised as The Money Advice Service gave our flagship programme, Money Twist, the highest effectiveness rating of any financial capability project for young people in the UK.

Annual Review 2014-15 FrontcoverThanks to our expert-led workshops, there was a 37% increase in students understanding of tax, insurance, credit, interest rates and the impact of inflation. We also saw a 18% rise in positive attitudes towards money and a 23% jump in skills. Teachers also recognised the benefit of outside help, with 78% rating our content as very valuable.

We expanded West to Devon, trained organisations from France and Turkey to deliver our programmes in Africa and Asia, and won the Leaving Care Award from Children & Young People Now magazine.

MyBnk has a fantastically full year ahead, including our very first project on the south coast of England. We thank and look forward to welcoming young people, new partners and supporters on this journey.”

 

See the full Annual Review, here.

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Trustee Report 2015

 

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MyBnk has submitted our statutory accounts and performance reports for this year’s official Trustees Report.

Details include:

  • Independent auditors’ report.
  • Statement of Financial Activities.
  • Balance sheet.
  • Notes to the financial statements.

See full report, here.

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