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Policy

MyBnk is deeply involved in wider efforts to address social economic issues effecting young people – be it financial exclusion, youth unemployment or the care system.

We do this through:

  • All Party Parliamentary Groups (APPG) and campaign groups.
  • Evidence submissions, responding to reports, contributing to studies and consultations.
  • Independent assessments of MyBnk programmes.
  • Membership of the Youth Financial Capability Group, a representative body of financial education providers.
  • Our seat on the Money Advice Service’s Financial Capability Steering Board, held by CEO Guy Rigden.

Latest:

Children’s Society – The cost of being care-free – Financial Education and Care Leavers 08/06/16

MyBnk has contributed to a report examining the scale and quality of money lessons for young people leaving the care system. Participants of our Money Works sessions took part in a focus group and we supplied case studies of how our specialised sessions helped in the transition to independent living. Its key recommendations is that local authorities should provide financial education – MyBnk works in partnership with score of councils to do just that.

See the report, here.

Work & Pensions Committee – Inquiry: Support for ex-offenders 22/04/16

MyBnk has supplied evidence to a House of Commons Select Committee regarding our financial education work with young offenders and ex-offenders in England. This includes impact statistics and unique case studies.

See the evidence, here.

Money Advice Service – 2016/17 Business Plan Consultation 15/02/16.

MyBnk has commented on the proposed 2016/17 Business Plan for the Money Advice Service. This includes our concerns of striking a balance between their three competing categories of need, that financial capability is being recast as financial resilience and the narrow scope of their financial education’s effectiveness testing.

See our response, here.

APPG on Financial Education for Young People – Effectiveness of Financial Education in Schools Inquiry 22/01/16.

MyBnk has submitted our response to a call for evidence, investigating the performance of money lessons in national curriculum. We report our findings, experiences and recommendations from working on the frontline.

See summary here, our response to the findings, here and our evidence, here.

HM Treasury – Public Financial Guidance Consultation 22/12/15

MyBnk has commented on HM Treasury’s consultation on Public Finance Guidance. We iterate that the strategic lead on consumer education and information provision relating to personal finance must be maintained in any statutory body.

See the full document, here.

Financial Conduct Authority & HM Treasury – Financial Advice Market Review Consultation 12/10/15.

MyBnk has commented on the Financial Conduct Authority’s review of financial advice. We suggest that the advice gap cannot and should not be met only by making it cheaper for regulated advisers to provide services, that a greater emphasis should be on the much larger group of the population who have limited assets and using less jargon.

See the full document, here.

Department for Education – Reformed GCSE subject content consultation, citizenship 18/03/15.

MyBnk has joined leading charities expressing concern at the absence of financial education in the testing requirements for GCSE Citizenship. See the news piece here and the letter to Nick Gibb Schools Minister, here.

Also, see our initial response to the draft subject content

Money Advice Service – Financial Capability Strategy for the UK – 24/10/14.

MyBnk have submitted our findings of the draft strategy in relation to children and young people.

HM Treasury – Review of the Money Advice Service – 01/09/14.

MyBnk has responded to the call for evidence regarding the Money Advice Service.

Centre for Social Justice – Restoring the Balance: The think tank’s report strongly recommends expert-led provision of financial education in schools – 16/07/14.

MyBnk’s work was featured as a leading case study which also included quotes by our Interim CEO Guy Rigden.

This link will take you directly to the section.

The Programme for International Student Assessment (PISA) report into Financial Literacy Skills for the 21st C, Students and Money – 09/07/14.

PISA is the most rigorous, in-depth, comprehensive and international survey of worldwide financial skills ever seen. MyBnk responds with our thoughts on the limits and opportunities the test presents.

The Education Select Committee inquiry into PSHE in schools – 22/06/13.

MyBnk has responded to the Education Committee’s inquiry into Personal, Social, Health and Economic (PSHE) education in schools. It has been noted by the inquiry that there is room for improvement of the level of Finance Education provided as part of PSHE and elsewhere in the National Curriculum.

The Financial Education and Inclusion (Wales) Bill – 28/04/14.

MyBnk has responded to the Welsh consultation on boosting the status of financial education. There, the subject has been a compulsory element of the National Curriculum for a number of years  – the same happens for England in September 2014.

British Youth Council – Life Skills in the Curriculum Inquiry – 28/10/13.

MyBnk has submitted evidence to a study by the Youth Select Committee examining how life skills, like money management, are taught at schools, please find our thoughts, here.

Department for Education National Curriculum Review – 30/09/13.

MyBnk has commented on the final proposals which makes financial education a compulsory part of the secondary curriculum in Citizenship and Maths. Head to our National Curriculum section for full teacher briefings, mapping and our formal response.

APPG Financial Education for Young People – Vulnerable Young People Inquiry – 29/09/13.

MyBnk has responded to the recommendations of the APPG’s strand on Financial Education for Vulnerable Young People. For more on our important work in this area, please see our dedicated Working with Vulnerable Young People section.

Personal Social Health Economic Education, DfE & Ofsted Reviews – 01/05/13.

MyBnk has responded to both of these reviews into effectiveness and placing of PSHE in the curriculum, please find our thoughts, here.

Centre for Social Justice: Economic Dependency & Worklessness Study – 01/03/13.

MyBnk has provided evidence to the CSJ, a leading policy think tank.

APPGs

Evidence to Vulnerable People strand of APPG on Financial Education for Young People. MyBnk are participating in an investigation into current financial literacy efforts for vulnerable people. A report is expected soon. MyBnk Submission here.

Response to APPG report on financial education in schools. This report by the APPG on Financial Education for Young People, reviews the need and provision of finance education in UK primary and secondary schools. It’s recommendations have been submitted to the government’s national curriculum and the PSHE reviews. MyBnk’s Response. MyBnk APPG Evidence Submission. Executive Summary Report here.

MyBnk are members of APPGs on:

  • Financial Education for Young People.
  • Leaving Care and Looked After Children.
  • Civil Society & Volunteering.
  • Youth Affairs.
  • Banking Reform.
  • Entrepreneurship.
  • Poverty.
  • Debt & Personal Finance.

MyBnk is also a member of: The Independent Taskforce on Student Finance.

Responses

Response to consultation on Money Advice Service Business Plan 2014/15

MyBnk MAS Business Plan 2014/2015 Consultation Response.

Response to consultation for the DCSF Inquiry into young people not in education, employment or training.

This report is a response to the Department for Children, Schools and Families’ call for an inquiry into young people not in education, employment or training. MyBnk DSCF Inquiry Response.

Studies

Volans report, The Future Quotient on 50 Stars of Seriously Long-Term Innovation.

This report aims to explores innovation designed by individuals in business that have the capacity to create value in the long-term. Lily Lapenna is cited by Volans as one of their 50 ‘stars’ of business sustainability. Report here.

Educational Deficit – the financial education needs of young people in Brighton and Hove.

MyBnk & The Aldridge Foundation undertook a research project to examine the financial education needs of young people in the Brighton & Hove area. This report aims to bring the experiences and the recommendations of this sample of young people into future dialogue about financial education provision in the Brighton and Hove area.

MyBnk Brighton & Hove Educational Deficit Full Report.

MyBnk Brighton & Hove Educational Deficit Report Summary.

Needs Assessment Research – Foyer Accommodation.

This report reviews the need for financial education of young people living in Foyers. Foyers provide Foyers are integrated learning and accommodation centres providing safe and secure housing, support and training for young people aged 16 – 25. MyBnk Needs Assessment Research.