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“The more tools schools have, the better” – A parent’s take on financial education

 

Naomi, mother of Emily, 10, has shared her reflections on her daughter’s final MyBnk workshop at Wingfield Primary School, London.

Most UK parents want more financial education in schools. Our exclusive parents life skills poll with MUFG bank revealed:

  • More than half want more money lessons in schools.
  • More than half would cut time spent on the mainstream subjects to facilitate it.
  • 90% think it should stay in the national curriculum.
  • 94% said it was important to their children’s wellbeing. (72% strongly).
  • More than half prefer sex education to be taught at home.

Emily took part in Money Twist Key Stage 2, our charity’s flagship financial education programme for primary schools.

It is supported by 20 of the UK’s leading savings and investment firms via KickStart Money, a ground-breaking project teaching 18,000 children all about money to help build a national savings culture.

Sessions are free for schools in England and Scotland. Teachers can book via info@mybnk.org.

This programme is part of the Money Advice Service’s What Works Fund which is examining the effectiveness of UK financial education interventions.

For more information on KickStart Money, visit kickstartmoney.co.uk or email info@kickstartmoney.co.uk.

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PSHE Study – Most UK parents want more personal finance & less sex education

Research conducted on behalf of MyBnk and global bank MUFG has found that parents in the UK do not believe that schools do enough to equip pupils with personal finance skills.

54% of parents polled agreed that schools should spend more time teaching personal finance, and 56% would cut time from the national curriculum to ensure their child received more money lessons in things such as budgeting and how to avoid unnecessary debt.

Just over a quarter (26%) of parents polled think that schools should spend more time teaching advice about family and relationships, with almost two thirds (56%) believing that sex education should be taught mainly at home.

The YouGov poll of 1,073 parents of children under 18 also found sharp generational and regional divides in attitudes towards life skills topics.

Consultation fears

The findings come as the Department for Education consults on the teaching of Personal, Social, Health and Economic Education (PSHE) in English schools.

It is widely expected the subject will be put on a statutory footing, mainly as a result of the new Children and Social Work Act placing a duty on the Secretary of State for Education to make relationships and sex education mandatory.

MyBnk and other charities fear that unless financial education remains a PSHE topic, many young people will not be able to learn how to manage their money or make informed financial decisions.

The Financial Conduct Authority has warned of a “pronounced” build-up of debt among young people and that the young are borrowing for basic living costs.

The average unsecured debt for those aged 25-34 is £11,485 – five times that of those aged over 55, according to accountancy firm PwC. The Money Advice Service say just 7% of pupils talked to their teachers about money last year and that money habits are being formed around the age of seven.

Wellbeing

The survey found 90% of parents agreed that money skills should remain in the national curriculum.

‘Personal Finance’ and ‘Careers and the Workplace’ were two of the top three PSHE topics parents think schools should dedicate more time to teaching.

94% of parents said that being able to avoid unmanageable debt in the future is important to their child’s wellbeing, with 72% stating this was very important.

Guy Rigden, CEO, MyBnk, said:

“These findings illustrate how squeezed school timetables are and what parents feel about how we’re using that precious time. We need to ensure we maximise impact by supporting teachers to deliver what works.

All these topics are important and may reflect parents growing confidence to tackle certain issues. PSHE is a curriculum for life, helping children and young people to protect themselves online and offline, improving their physical and emotional health, and developing character, resilience, academic attainment and employment prospects, with the greatest benefits experienced by the most disadvantaged pupils. It should be taught regularly, as a whole subject. We believe the Secretary of State has a unique opportunity to accelerate the provision of effective financial education for all young people”.

Naznin Bawla, Head of Personal Development Curriculum, Barking Abbey School, said:

“Financial education through PSHE gives pupils the skills that they need to be able to make decisions for themselves, this includes: resilience, self-esteem, risk-management, team working and critical thinking.

“Many of our pupils have told us how they were able to use this as their basic/starting knowledge in Economics and/or Business Studies. Many of our pupils felt that they would not have learnt about this in any other way”.

Phil Roberts, Head of Investment Banking for MUFG in EMEA, and chair of MUFG’s CSR Committee added:

“As a global financial institution, we take our responsibility to support young people in developing their financial skills very seriously.

“We partner with organisations such as MyBnk to equip young people with the financial skills and knowledge required to gain and sustain employment, and to provide them with the ability to manage their own money effectively, benefiting both their future, and the wider community.”

About MUFG and MyBnk’s partnership:

Launched in 2016, MUFG’s two-year partnership with MyBnk supports around 1,200 students with real-life money skills. Targeting specifically 11-18 year olds in London, MUFG’s investment in this partnership supports young people to learn how to budget, bank and borrow, avoid debt, understand taxes, tuition fees and employment rights, and prepare them for the cost of university and independent living.

Since the partnership began, the overall impact of the programmes delivered has seen a 40% increase in understanding of credit, interest rates and inflation, an 18% rise in positive attitudes towards money, and a 25% jump in skills from the young people who have participated in their training sessions.

Contact Declan Wilkes, Head of Communications, MyBnk – 020 3581 9920 – declan@mybnk.org for more information or to visit a MyBnk school workshop.

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MyBnk joins Impact Champions Network

 

MyBnk has been recognised for its leading role in impact measurement by being accepted into the ‘Impact Champions Network’ by the New Philanthropy Capital.

We take the impact of our financial education and enterprise programmes very seriously and since our inception have invested in systems that ensure we are making a difference to the lives of young people.

Impact Champions work directly with voluntary organisations and support them to develop their impact practice, comprising a range of organisations from funders, commissioners, membership bodies and infrastructure organisations.

As an Impact Champion, MyBnk has committed to help increase the capacity for impact measurement across the sector by engaging with and increasing the use of impact practice resources, spreading awareness of the importance of impact measurement to our wider networks and establishing a best-practice code of conduct.

Our flagship money skills programme, Money Twist, along with intervention workshops, are currently taking part in the Money Advice Service’s ‘What Works’ research project and have won numerous awards.

See more of the impact of our work on our dedicated Impact page and transformative stories in Case Studies.

financial education impact

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A bank account for every young Londoner

The London Assembly Economy Committee have recommended creating a young person’s banking charter, with the aim of ensuring all 16-18 year olds have a bank account.

‘Short changed: the financial health of Londoners’, makes a number of recommendations for the Mayor to improve financial inclusion and capability, including:

  • Work with schools, charities and the financial services industry to deliver high quality financial education for young people.
  • Hold an awareness week and conduct a survey to understand Londoners finances.

These constructive recommendations are accompanied by worrying findings that lay bare the pressing need for young people to be financially literate as well as have access to services.

  • Around a quarter (27 per cent) of 18 to 30 year olds in London say they are in debt all the time.
  • A third of all users of high-cost loans are 18-34 year olds.

Banking

Anything that gets young people engaging with the tools to manage their money is a good thing. However, just having a bank account will not protect young Londoners from falling into debt or becoming victims of fraud – they need to know how to use it and make informed decisions.

According to the Financial Conduct Authority, just 5% of 18-24 year olds are unbanked, yet we still have these damaging stats.

MyBnk believes the Mayor of London has to adopt an education first mentality across monetary and digital skills to ensure young Londoners can tackle the serious housing and debt challenges they face. The City gets it: The Tax Incentivised Savings Association has brought together 20 leading investment firms to support our expert-led primary school lessons in ‘Kickstart Money’.

Guy Rigden, CEO, MyBnk said:

“We need to look holistically at solutions that work, are impartial and properly funded. Let’s prepare young people to prosper in the real world and London’s leading role in it.” 

Caroline Russell AM, Chair of the Economy Committee, said:

“It is absolutely crucial that young people are given the right support in terms of their finances, when they leave school. For many, it is the first time they will be responsible for their own money.

Education and support are key, as actions at this critical stage can have real consequences, in terms of credit ratings and long-term financial health. We strongly urge the Mayor to target his efforts in helping this group specifically.”

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Busting financial jargon for young people w/ sensory impairments

We have helped create the UK’s first ever visual British Sign Language (BSL) money dictionary!

The glossary is a small taste of the new Money Mechanics programme for young people with sensory impairments.

This groundbreaking financial capability programme has been developed in partnership with The Royal Association for Deaf people (RAD) and the Royal Society of Blind Children (RSBC).

Containing specific financial related terms, with definitions, it helps 14-25 year olds or parents who want to teach their children about personal finance, cut through the language barriers associated with money management.

Sue Mountford, Director of Services at the Royal Association for Deaf people explains:

“Not all money related terms are in British Sign Language (BSL), or have attached definitions. In BSL there isn’t a specific sign for each word in the English dictionary. Sometimes we have to borrow signs from other regions/countries. Whilst many of these words are used every day in the finance sector – in most cases we have to visually define the words.

This is a perfect example to how we are breaking down the barriers to young people managing their money.”

The Money Mechanics project will see over a thousand young people learn how to budget, bank and borrow safely, in their first languages. Young participants will also get to understand the costs of university and how to run their own enterprise. It is envisaged that other youth organisations could be trained to deliver the programmes.

The initiative is funded by players of People’s Postcode Lottery.

Featured terms:

1. University – University is a place of higher education.

2. Loan agreement – A loan agreement is made between you and a company where you borrow money.

3. Student loan – A student loan is money you borrow from the government.

4. A bursary – A bursary is a type of loan that you don’t have to pay back.

5. Gross pay – Gross pay is all of your wages, before you’re taxed.

6. Net pay – Net pay is your wages you receive after tax, which you keep in your pockets.

7. Interest (bad) – Interest is money that you may have borrowed from the bank, and there’s a % you need to pay back.

8. Interest. (Good) – Interest is money that you may have put away in your savings account and you get a little bit on top.

9. Credit card – A credit card is money that you borrow for an instant payment.

10. Debit card – A debit card is card that you pay for things with.

11. Tax free threshold – Tax free threshold means that if you earn above £11,500 then it means unfortunately you need to pay tax. However if your under that amount you don’t have to pay tax.

12. A mortgage – A mortgage is a type of loan to buy a property.

 

Guy Rigden, CEO of MyBnk said:

“Money Mechanics is already proving how we will have a lifetime impact on the everyday interactions of vulnerable young people, be it budgeting, understanding bills, prioritising debts or earning money, as well as on their aspirations for the future, for example considering university, starting their own business, or moving into their own home. It’s about making finance accessible for all”.

RSBC chief executive, Dr Tom Pey said:

“Our shared experience has proved time and again that Deaf and blind young people are not being supported at school to grasp the fundamentals of handling money. This gap in their knowledge creates barriers to their economic and social independence. Money Mechanics will make sure young people with sensory impairment has the knowledge and skills they needed to deal with their finances effectively and independently.”

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“It was so awesome!” – Big profits for young Hackney traders in enterprise challenge

 

Young market traders have doubled their dough after creating big profits in a MyBnk Business Battle enterprise challenge.

In just four days, a dozen 11-14 year olds went from drawing board to Ridley Road Market, London, using interest free micro loans. The group made £100 profit off a £100 loan by making and selling their own baked goods and henna tattoos – that is 100% profit!

“It was so awesome. The best thing I learned today was the importance of team work. I loved the experience, it showed me a different side to business. All of this will add up. My dream goal is to have a drone business. My confidence has improved massively. This will help when I go to new schools I will quickly make friends and make important links. I know how now!” Young trader, Basheer Abdul Azeez, 11.

Our experts taught them how to design, cost, sell and market products, write business plans, give sales pitches, and budget as part of an IntoUniversity project.

The Business Battle project, supported by MUFG Bank, is helping hundreds of young people in East London learn key employability skills like negotiating and customer interaction in London’s poorest boroughs.

MyBnk has scores of funded money and business workshops available to local schools and youth organisations.

“It’s been fantastic to witness the transformation of these young people in just five days. This type of education is vital to a young person’s development, either in enterprise or employment.” Guy Rigden, CEO, MyBnk.

For more information or to attend a future session, please contact declan@mybnk.org or 020 3581 9920

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MyBook! Our top money management reads for young people

Earlier this month, MyBnk was asked by The Sunday Times to recommend our best books for young millennials wanting to master their money.

Not all of them made the presses so we wanted to share some of the crews prime picks……

For 18-25 year olds:

  • Education Officer, Stephen Champion tips Daniel Khaneman’s “Thinking Fast & Slow”. He says: “It is the best book I’ve read to help me manage money. It’s about behavioural economics and taught me why people end up making irrational spending choices. Behavioural Economics is on the A Level Economics Curriculum so this book is ideal for aspirational & intelligent 18-25 year-olds.”
  • Head of Communications, Declan Wilkes, backs Iona Bain’s “Spare Change“. He says: “It’s an excellent hands on practical guide for forging a healthier relationship with money. The author is the founder of the award-winning Young Money Blog and she shares her wisdom and stands up for young people buffeted by the choppy waters of personal finance regularly on national media. Check her out on Twitter.”
  • Education Director, Sharan Jaswal, has Andrew Priestley’s “The Money Chimp” on her book shelf. Aimed at 18-25 year olds, it focuses on breaking the cycle of debt with 10 proven money management principals. Big promises are made on becoming debt-free in 10 days!

For the younger ones (7-11):

  • CEO, Guy Rigden tips “Save Your Acorns” by Robert Gardner. Written by the founder of pensions firm Redington and their financial literacy outfit RedStart, the woodland critter story teaches young children, and their families about the importance of budgeting, saving, investing and sharing. Available via Amazon.
  • Freelance Education Officer, Louise McNestrie, recommends Money For Kids by Tegan Helen. She says: “Tegan wrote this aged seven! It busts jargon and focuses on achieving financial freedom. She also helps MyBnk build relevant and engaging money lessons for her peers via our Youth Advisory Panel.” Available via Amazon.

  • MyBnk Money Manga comics. If you’re looking for something a little different, we’ve created a series of comics for parents to engage their child in concepts such as saving, spending and budgeting. Part of our flagship financial education programme for primary school, Money Twist Key Stage 2, it is accompanied with lesson plans and activities. Together you’ll help put on a space party for your pal who’s returning from an intergalactic mission, all within budget!

 

 

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Youth housing scheme “dismantling root causes of poverty”, says Lord Bird

Our newly expanded money skills programme for vulnerable young people is helping to ‘dismantle the root causes of poverty’, according to the campaigner and Big Issue Founder Lord Bird.

Hundreds of 16-25-year olds across London are being mandated by councils to attend our specialist financial capability programme, The Money House, before they can bid for social housing.

Based in real flats, it gives young people leaving the care system or in sheltered housing, the financial, digital and employability skills to survive and move into independent living.

Speaking at the Westminster showcase of the scheme, the Big Issue founder urged more local authorities to embrace the award-winning project, which is taking referrals on a continuous basis.

Over five days experts help would-be tenants tackle rent, bills, budgeting, and living costs to make informed choices about their future and challenge their attitudes and behaviours towards things like debt. It also hosts staff from local banks and job centres to help them navigate the system.

After The Money House:

  • Attendees are three times less likely to have rent arrears than their peers.
  • No one who has completed it has ever been evicted.
  • Landlords have reduced costs and secured more rent with fewer arrears.

Originally based in the Royal Borough of Greenwich, it has expanded to Newham, where one in 25 people are homeless, according to Shelter.

Last year, Centrepoint discovered that one in five young people, homeless or at risk of being homeless, was refused help by UK councils. For those leaving the care system, there is a one in three chance of losing their first home within the first two years.

The Money House is supported by the Berkeley Foundation, Hyde Charitable Trust and JPMorgan Chase Foundation. In 2016 it won The Guardian’s Public Service Award for Housing.

The launch coincides with the Money Advice Service’s Financial Capability Week.

Lord Bird said:
“At The Big Issue, we are on a mission to dismantle the root causes of poverty by offering a hand up not a hand out, so I applaud MyBnk for all their efforts. I hope that more councils will embrace the initiative, so that even more young people will be equipped with the skills needed to survive and prevent homelessness and debt.”

Kirsty Bowman-Vaughan, Young People Policy Manager, Money Advice Service said:
“Help is still patchy, and often crisis focused – many young people feel they have to be at rock bottom before anyone will help them. It shouldn’t have to be like this – and thankfully it isn’t always. That’s why support and services like The Money House are so important.”

Guy Rigden, CEO, MyBnk said:
“Being able to manage your money and budget a household could be the difference between independence and the streets. If you work with young people who could benefit from The Money House, please refer them immediately. After the project, participants are three times less likely to have rent arrears than their peers, no one who has completed it has ever been evicted, and landlords have reduced costs and secure more rent with fewer arrears”.

Channel, 19, The Money House attendee, single mother, went from sheltered housing to her own flat:
“I have learnt so much. If this was a lesson at school, I would not miss it. What I learnt was so informative and the trainers are not like teachers telling you what to do, they share stories and they helped me understand. I’ve learnt about pay, online safety, small print and how to separate my needs and wants I would highly recommend this. I’ve two friends, who are also pregnant, and I’m getting them on this course!”

Rob Perrins, Chairman of the Berkeley Foundation said:
“Everyone has to make choices about money, and for young people who don’t have a support network to lean on, it can feel like a minefield. So I think we need a Money House in every London Borough and in every city across Britain. It’s about helping young care leavers find their feet in society.”

Hang Ho, Head of the JPMorgan Chase Foundation for EMEA:
“If young people can better acquire the necessary knowledge, skills and tools required to understand their finances, it will increase their economic stability and build the foundation for a better future. MyBnk aims to help at the critical point when these young people are thrust into financial independence. It’s a crucial transition and we’re passionate about laying the groundwork for a more certain financial future for these young people.”

Hyde Group Chief Executive, Elaine Bailey:
“Hyde are incredibly proud to have been involved in the set-up of The Money House and are pleased to be able to continue to support the excellent work of this project preparing vulnerable young people for living independently and building their financial resilience. Making sure that people have the skills that they need to be successful in managing their tenancy is a really important outcome for the housing sector.”

Photos Credit: Simon Winson, Berkeley Group.
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Students put own-clothes day money towards their financial education

Pupils at Bohunt School, Hampshire, have donated nearly £200 to ensure they receive more financial education from MyBnk!

All this term 11-14 year olds at the Liphook school have been taking part in expert-led Money Twist workshops teaching them how to budget, bank, save and understand public finance, as part of a Hampshire-wide programme supported by Southampton-based Old Mutual Wealth.

After raising £163.50 from a non-uniform day they decided they wanted to learn more about managing their money and staying out of debt. The donation will go towards further sessions covering pensions, investments and consumer choice.

“Our students are using this vital knowledge and applying it to their daily lives and Maths lessons. They often ask when ‘will we learn about money again?’ and this donation was their way of saying thank you, and will you come back soon!” Lian Thomas, Teacher, Bohunt School.

The Financial Conduct Authority has warned that a growing number of young people are having to borrow to cover basic living costs. Just 7% of 7-17 year olds have spoken to their teachers about money and only a third of parents have done likewise, according to the Money Advice Service.

MyBnk has been arming thousands of Hampshire students with hands on money skills thanks to local employer Old Mutual Wealth, one of the UK’s leading wealth managers.

“Research shows that like many behaviours, our attitudes to money are shaped at a young age. Therefore, gGaining the skills and confidence to manage finances early in life is critically important. We are delighted to support MyBnk in bringing their services to a local community where we are a major employer. We’ve received some excellent feedback about the lessons, but there is no greater endorsement than the children helping to fund extra classes themselves.” Jane Goodland, responsible business director at Old Mutual Wealth.

“It’s inspiring to see young people so passionate about their future. There can be no greater lessons than learning to live within your means, and make informed choices and enterprising decisions. UK personal debt is £1.5tr and schools need support to teach these vital life skills.” Guy Rigden, CEO, MyBnk.

If you want to bring money skills to your child’s classroom, please contact info@mybnk.org.

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Fully funded financial education workshops!

For a limited time only, MyBnk’s flagship financial education workshops for 11-16 year olds are free for schools in England!

Bring money to life for your students with the award winning Money Twist programmes for Key Stages 3 & 4.

Sessions are delivered by fully trained, tested and DBS cleared staff, are closely mapped to the national curriculum and are proven and evaluated by the government’s Money Advice Service.

Our experts can come to your school armed with the latest resources and techniques to help students learn how to budget, bank and borrow and understand tax, debt and career choices.

Money Twist is ideal for Citizenship, PSHE, Maths and Business Studies teachers or off-timetable days.

 

Workshops are available as double lessons or half day sessions and can be delivered to an entire year group or a single class at no cost to your school.

Fully funded sessions are only available to the end of March 2018.

To book your session or for more information, please contact Mette Barker, Partnership Manager at mette@mybnk.org or call 020 3581 9920.

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