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Annual Report 2016 – Co-Chair & CEO Message

With personal debt back at pre-financial crisis levels, financial capability remains crucially important.

There is increasing evidence of a direct link between financial skills and life opportunities; conversely an inability to manage money can reduce prospects and impact health.

As we enter our 10th year, our appetite for learning and commitment to youth participation and inclusiveness will lead us in exciting directions, including working with young deaf and young blind people to help them to have the same life chances as their peers.

We would like to thank the young people we work with, our wonderful team and the foundations, corporates, schools, youth organisations, partners, and private donors that support us. We look forward to our second decade and hope you will continue this journey with us.

Beatrice Engstrom-Bondy & Lily Lapenna-Huda
MyBnk Co-Chairs

 

The year saw significant developments in MyBnk’s areas of focus.

An All Party Parliamentary Group (APPG) enquiry concluded that, two years after introducing financial education to the curriculum, provision is patchy, teachers are not confident delivering it, and evidence of impact is scarce.

Other reports showed not enough is being done to help vulnerable young adults into independent living.

 

The Money Advice Service (MAS) launched the What Works Fund, to evaluate financial education initiatives. This focus on including everybody and doing it well could mean in 2018 government and civil society has the evidence necessary to scale impactful interventions such as ours.

Innovations included working with young offenders, adding digital skills to workshops and supporting corporates to improve financial education offerings. Our focus on quality saw 88% of teachers’ rate sessions as excellent, MAS evaluated flagship programmes as proven, and our methodology was backed by Ofsted and the APPG. We were also honoured to win The Guardian Charity Award.

In February I became sole CEO of MyBnk, as Founder, Lily Lapenna-Huda, moved to Co-Chair of the Trustees. We welcomed entrepreneur, Neil Waller, to the Board and the broadcaster and campaigner, June Sarpong MBE, as patron.

Ahead are new challenges, including developing and expanding The Money House, a week-long financial capability programme set in a flat, for disadvantaged young people moving into their own accommodation, collaborating with Tomorrow’s People to combine our programmes with employability skills and expanding to primary schools.

This is set to be a pivotal period for our sector as the UK’s Financial Capability Strategy establishes facts on the ground. We thank our stakeholders for making this a breakthrough year for financial and enterprise education.

Guy Rigden
MyBnk CEO

Read our new Annual Report here.

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Annual Report 2016!

 

In 2015/16, we had the privilege of working directly with 25,601 young people across the youth sector.

MyBnk also reached some important milestones this academic year including reaching our 160,000th young person, winning the Guardian’s Charity Award, integrating digital skills into our youth intervention projects, and training organisations to deliver our programmes to young people in Wales.

From impact and policy to young entrepreneurs and new programmes, find out what the frontline of radical financial and enterprise education is all about.

Read our Co-Chair and CEO welcome message, here and the full document, here!

 

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Global Money Week 2017!

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MyBnk has joined a worldwide alliance of 132 countries and seven million young people to raise awareness of financial education for young people – it’s Global Money Week 2017!

From 27th March to 2nd April, in association with Children and Youth Finance International, we will be reaching thousands of 7-25 year old in money master classes and marketplace enterprise loan challenges across the UK and beyond. Our Education Officers and members of the Youth Advisory Panel are also taking part in special events at the London Stock Exchange and with the Money Advice Service (MAS) and partners in Africa.

The theme for this year: “Learn. Save. Earn.”

In addition, MyBnk has just published a new Annual Report and a ‘Money Quiz’ free resource for teachers and youth workers. Be sure to also keep an eye and ear out for us on BBC Radio 1 at 9pm Wednesday 29th March and the MAS blog.

Join us on Twitter for all the latest news from the UK’s frontline of financial and enterprise education for young people!

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Help young people master money in Prudential Ride London

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Join CEOs, city accountants, surveyors, lawyers, and entrepreneurs cycling nearly 100 miles of Olympic race track to help bring financial education to young people.

MyBnk are looking for volunteers to help raise thousands of pounds to deliver expert-led money lessons in some of the UK’s poorest areas.

The annual event takes place, this year, on Sunday 30th July, taking you past iconic London’s landmarks and Surrey’s hillsides.

A lack of financial education costs.

  • The U.K.’s personal debt is £1.5 trillion.
  • Almost half of workers having less than £100 in savings.
  • Just four in ten young people receive any form of money lessons at school.

By riding with MyBnk, your support will ensure vulnerable people get the life skills they need to budget, save and borrow safely.

“We believe young people can’t afford to learn the hard way. Join us to create a financially literate and enterprise driven generation.” Guy Ridgen, CEO MyBnk.

There is no cost to register! For more information, contact Business Development Officer, Kruti Shah at kruti@mybnk.org or 020 3581 9920.

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City AM visit Business Battle!

CITY A.M. founder Lawson Muncaster joined financial and enterprise education charity MyBnk and teenagers from IntoUniversity at a challenge to take ideas from the drawing board to Brixton market in five days.

Young market traders doubled their dough after cooking up big profits in an enterprise education challenge. See the full story, here.

In just five days, a dozen 11-14 year olds from IntoUniversity went from drawing board to Brixton Market, using interest free micro loans. The group made £160 profit off a £80 loan by making and selling baked goods.

“I wish MyBnk was around when I was starting out my business! Supporting entrepreneurship skills is key to building a thriving economy and is an opportunity to reduce youth unemployment across the UK. MyBnk’s enterprise programmes puts young people’s new business skills into action with tangible outcomes. By starting from an early age we can ensure confident, resilient and engaged citizens ready to sell Britain to the world. I’d encourage everyone with a stake in our future to contact them.” Lawson Muncaster, Founder & Managing Director, City AM.

Our expert Education Officers taught them how to design, cost, sell and market products, write business plans, give sales pitches, and budget.

The Business Battle project, supported by players of People’s Postcode Lottery, is helping young people learn key soft skills like negotiating and customer interaction in London’s poorest boroughs.

“Its good fun and practice for the future. As I want to become a fashion designer and the challenge enabled me to find out key areas of business that I miss out on in school. I learned how to be consistent, and it boosted my confidence. Before this I was unable to speak to strangers because of my shyness. Now I feel like I can conquer the world!” Batseba Eyassa, 13.

“It’s been a transformation! We’ve seen young people, who are not necessarily inspired school, come alive and be a lot more responsible, and they’ve 100% boosted their confidence massively. It’s been great to see them grow and develop into young entrepreneurs.” Beanie, Youth Worker, IntoUniversity.

“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.

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Minister heralds new money skills project on the Isle of Man

 

Graham Cregeen MHK, Minister for Education and Children, has praised our Money Skills for Schools Week initiative on the Isle of Man.

MyBnk’s financial education experts, and volunteers from Old Mutual International are delivering award-winning programmes to over 600 Year 12 and 13 secondary school students.

The Minister joined us at Balakermeen School to see first hand how the government backed project is helping 16-18 year olds learn to budget, bank and borrow, understand taxes, tuition fees and employment rights and prepare for the cost of university and independent living.

“Whether heading into higher education or into the workplace, our students rapidly need to get used to handling their own finances, budgeting, completing tax returns etc. The ‘Money Skills for Schools’ programmes is offering age-appropriate, practical advice on the complexities of these areas. It will greatly complement work we do with other organisations to create financially savvy students.” Graham Cregeen MHK, Minister for Education and Children.

Pupils taking part in our Money Twist and Uni Dosh workshops are being awarded prizes as part of the Department of Education & Children ‘6 R’s’ personal development project.

The Money Skills for Schools initiative comes on the first anniversary of our delivery expansion on the south coast of England, supported by Old Mutual Wealth, which has helped 2,000 young people learn to manage their finances.

“Young people here face unique challenges and bad budgeting* has been identified as the main debt trigger for Islanders. Managing money well opens up new opportunities and helps us make informed decisions – MyBnk and Old Mutual International are thrilled to be bringing money to life and helping young people prepare for the future”. Guy Rigden, MyBnk CEO.

“As the largest life assurance company on the island, we understand the importance of providing the generations of tomorrow with the skills and confidence to manage finances early in life. We are delighted to be supporting MyBnk to expand their services in a local community where we are a major employer. Learning how to use credit effectively, tackle debt or make wise spending decisions will help the students to live more prosperous lives.” Peter Kenny, Managing Director, Old Mutual International, comments:

If you would like to bring MyBnk’s proven and evaluated financial education workshops to your school or youth organisation, please contact info@mybnk.org.

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MyBnk wins Dream Fund for blind and deaf young people project

A joint MyBnk financial education project boosting the money skills of young deaf and blind people has won People’s Postcode Lottery’s Dream Fund.

Over 1,000 16-25 year olds living with sight or hearing loss will learn how to budget, bank and borrow safely, in their first language, with specialist programmes designed in partnership with The Royal Association for Deaf People and Royal Society for Blind Children.

90% of those diagnosed with sight loss in youth did not work for more than six months of their lives, while an estimated 70% were living on the poverty line.

The ‘Money Mechanics’ project will help young people become financially confident, to take control of their lives, to sustain work, to move into independent living and to live life ‘without limits’.

A massive thanks to players of People’s Postcode Lottery!

“This project 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.” Guy Rigden, CEO of MyBnk.

“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.” RSBC chief executive, Dr Tom Pey.

Since 2005 players of People’s Postcode Lottery have raised an incredible £168.4million for charities and good causes across Great Britain and internationally.

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MyBnk to deliver MAS What Works Fund projects

Over ten thousand young people across the UK will learn to manage their finances with MyBnk after the Money Advice Service (MAS) announced recipients of their new What Works Fund (WWF).

This is a major positive intervention that will test the effectiveness of projects nationwide and build evidence to establish which models best help people to manage their money. Ultimately, the aim is to scale up the most effective projects to improve the levels of financial capability of millions of people across the UK.

We know that levels of financial capability remain stubbornly low and young people are missing out on money lessons at school. Whilst MyBnk’s programmes have been evaluated and proven by MAS’ Evidence Hub, has implemented rigorous impact measurement systems and commissioned independent studies, there is little comparative data.

Putting our flagship schools programme to the test

We will deliver sessions mapped to the national curriculum using our trained experts – reaching 13,300 young people. Independent external evaluators will test 575 Money Twist programmes across the UK. They will also examine impact in different regions, and the effectiveness of delivering money lessons through sport, against more traditional classroom based delivery. More projects will be announced soon.

“MyBnk is thrilled to be working with MAS and the WWF. Few disagree on the need for better financial capability but what, when, how and who are more contentious.

This fund will evidence interventions that work for young people. MAS’ support will deepen and widen the testing of our vital financial education programmes, delivered by trained experts in schools and with vulnerable young people, such as those leaving care. We hope and expect this evidence will spur government, industry and civil society to support scaling impactful interventions on the frontline.” Guy Rigden, CEO MyBnk.

“There is an urgent need to help people gain the skills and confidence they need to make good decisions about their money day to day. The insights from these projects will be vital, helping organisations to channel their efforts in the right places and to fund and deliver interventions that we know make a real difference. A collective approach is needed to really tackle the issues that underpin low financial capability in the UK.” Caroline Rookes, Chief Executive, MAS.

“We know that millions of people across the country are one unexpected bill away from seeing their finances spiral out of control – and for those who are already vulnerable, that risk is exacerbated. We want to build evidence on how we can get these people to engage with their financial situation and avoid them ending up in problem debt or with other financial difficulties.” David Haigh, Director of Financial Capability MAS.

If you would like to bring MyBnk’s financial education workshops to your school or youth organisation, please contact info@mybnk.org.

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Financial Educator of the Year Competition!

 

personal finance teacher awardMoneywise magazine are on the hunt to find the UK’s best Personal Finance Teacher.

One of our biggest supporters, Old Mutual Wealth, is offering £5,000 to spend on equipment. Two runners up will receive £1,500 each for their schools. Teachers at both primary and secondary level are eligible for the competition.

MyBnk works closely with teachers to ensure our financial education programmes map into their curriculum and it has been amazing to see our resources used as evidence of impact in previous competitions.

Schools and parents can nominate who they think is deserving of the prize, and teachers can nominate themselves.

Judges are looking for teachers who make the teaching of personal finance fun, interactive and relevant. Many teachers practice financial education holistically, using a mixture of free resources, outside experts like MyBnk and training. The more original your entry, the better!

Guest judges include Moneywise editor Moira O’Neill, Suella Fernandes, MP for Fareham and member of the Education Select Committee, Kirsty Bowman-Vaughan, Financial Education lead, Money Advice Service, Jane Goodland, responsible business director, Old Mutual Wealth and Jeff Prestridge, the personal finance editor of the Mail on Sunday and columnist for Moneywise,

Enter, here.

Good luck and let us know how you fare on the Twitterverse!

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“The best thing that’s ever happened to me” – Guardian Awards Video

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