Impact: Financial Education – From pre-uni money worries to a first saving account
Does 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.
With 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.
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.
May 23, 2016 in Uncategorized.Bookmark the permalink.