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MyBnk responds to FinCap Week research

 

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The Money Advice Service have published worrying statistics in relation to young people, parents, teachers and financial education.

Findings include:

  • Four in ten adults have less than £500 savings to cover an unexpected bill.
  • Just 7% of 7-17 year olds have talked to their teachers about money.
  • Only 1/3 parents talk to their children about money.
  • Less than half (43%) of young people and 44% of parents feel confident managing money.
  • 9/10 of young people who learned about money at school said it was useful.

Our response:

“These findings suggest an alarming number of young people are not getting the financial education they need at home or in school. However, this study also reveals the huge potential of effectively engaging them with money.

MyBnk and our sector are embarking on a range of studies with the Money Advice Service to test what works on the frontline, including direct delivery, where we have helped over 160,000 young people using trained experts.” Guy Rigden, CEO MyBnk.

See more on our activities for the the week, here.

If you would like us to bring our workshops to your young people, contact info@mybnk.org or if you are interested in supporting our mission, contact nicola@mybnk.org for more information.

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