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Impact: Financial Education – From leaving care and anti-bank to new lifestyle and savings account

 

Money Works logoDoes 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.

Eight months after his Money Works workshop, we caught up a young care leaver on a Tottenham Hotspur Foundation education course.  The four-part programme arms young people with survival money management skills to help them move into independent living and confront money worries.

Javed, 17

IMG_4493Every year thousands of young people make the move from care to independent living, 1 in 3 make this transition before the age of 18.

“Budgeting isn’t easy when you’ve got so much to pay for and such a small income. If you get into debt you can end up needing to take out a loan, and then you get stuck in a vicious circle.”

Javed’s sessions are designed to build knowledge and skills in key areas such as budgeting, banking and borrowing – exactly the abilities young care leavers will need to live fulfilling independent lives.

Before the sessions he expressed distrust of banks and was not shy about showing it! This stemmed from him not understanding concepts such as interest and APR, believing they were deliberately trying to confuse him and rip him off with charges.

Eight months later…

“The workshop has made me analyse my current situation and made me realise have start budgeting. It has made me think that I need to value money and I can’t continue living the lifestyle I live. I have opened a savings account and plan to build money up for my future. I believe it is key for young people to have programmes like this because many children in care are not taught things such as budgeting and managing money.” 

What did the youth worker think?

“The programme has been really informative for these young people. As they are care leavers they are different in that they have to become financially independent at a much younger age so learning about things such as debt and borrowing will help them get into less financial difficulty as they move into their own property.” Nicky Alagbe.

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