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MyBnk founder honoured in Queens Birthday List

Elisabetta Lapenna-Huda, also known as Lily, Founder and Co-Chair of MyBnk has been made an MBE in the Queen’s Birthday Honours list.

Over 10 years she has built our charity up to be a world leader in financial education practices – bringing together young people, educators, financial services and policy makers to design and deliver award winning workshops.

In 2012 her work with civil society helped financial education become compulsory in the secondary national curriculum.

“This is an incredible honour. It is a recognition for the remarkable MyBnk team who driven by the vision of a financially literate and enterprising society, work tirelessly to make it a reality. UK personal debt is £1.5 trillion and just 7% of young people have spoken to a teacher about money – the need for what we do has never been greater. I would like to thank every young person, teacher, youth worker and funder who has helped us advance this vital cause.” Elisabetta Lapenna-Huda MBE.

Together with the Money Advice Service, and others, financial capability has been pushed up the political agenda. Recently reflected with the establishment of a dedicated Minister for Financial Inclusion.

She has also been a leader in MyBnk’s interventions with vulnerable young people, working with Leaving Care Units to ensure thousands of care leavers have the skills they need to transition to independent living.

MyBnk has helped nearly 175,000 7-25 year olds learn to manage their money and start their own enterprise in 800 schools and youth organisations.

Independent of banks and commercial branding, we use trained experts to teach young people about everything from tax and saving to student finance and social enterprise. We also have a global presence that ranges from Italy to Namibia.

“Lily’s legacy is clear to see. We are now in a fantastic position to ensure that financial education is given the prominence it deserves. I would like to congratulate her on behalf of everyone at MyBnk.” Guy Rigden, MyBnk CEO.

Organisations such as Esmee Fairbairn, and JP Morgan Chase and as well as and individual donors like the CEO of H&M Karl Johan Persson, have been seminal in our growth and development. We are currently supported by various trusts and foundations including CSR units from Prudential plc, Old Mutual Wealth, MUFG; Bank of Tokyo-Mitsubishi UFJ and players of the People’s Postcode Lottery. See the full list, here

ACCOLADES:

  • 2016: The Guardian Charity Award.
  • 2015: Children & Young People Now Leaving Care Award.
  • 2014: Project Oracle – Evidence Award 2014.
  • 2012: Centre for Social Justice Award – Prevention of Poverty 2012.
  • 2011: Lily appointed a Young Global Leader by the World Economic Forum.
  • 2010: Lily appointed as an Ashoka Fellow.

For more information, please contact declan@mybnk.org

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KickStart Money! Primary schools to receive financial education

MyBnk is to arm thousands of 7-11 year olds with essential money skills in a groundbreaking collaboration.

Sixteen of Britain’s leading savings and investment firms, are launching KickStart Money, a ground-breaking collaborative project that aims to invest £1 million to take financial education to nearly 18,000 primary school children, in a movement to build a national savings culture for the future.

There is a significant lack of financial education provision for children in the UK during the critical formative early years.

Our experts are taking Money Twist into 100 schools, focusing on topics such as saving, budgeting, careers, borrowing, and consumer and public finance to help forge positive financial attitudes and behaviours.

Sessions are free for schools who are urged to book via info@mybnk.org.

Spearheaded by Columbia Threadneedle, Old Mutual Wealth and managed by The Tax Incentivised Savings Association; KickStart Money is a serious statement of intent by the sector in response to calls from Select Committees and All Party Parliamentary Groups for money lessons to become a compulsory element of the primary national curriculum.

Research from the national Money Advice Service has found many fiscal habits are developed between the ages of 7-11 and that teachers and parents lack the confidence to equip young people with money skills.

The project has also been awarded £80,000 by MAS as part of their ‘What Works Fund’ independent evaluation project to help deepen the knowledge of the UK’s most effective financial capability interventions.

The Giving Department, a Corporate Responsibility and philanthropy agency, undertook extensive research, to gauge the state of financial education across the UK. The research identified early years as the area of greatest potential impact.

Recent MAS findings suggest:

  • Only 40% of 7-17 year olds say they’ve received financial education in school. Just 7% of 7-17 year olds have talked to their teachers about money. Only one third of parents talk to their children about money.
  • Less than half (43%) of young people (aged 12-17) feel confident in managing their money. Furthermore, 44% of parents say they do not feel confident managing money. 9/10 of young people who learned about money at school said it was useful.
  • Existing interventions are not operating at sufficient scale. Schools need more support to deliver financial education consistently and confidently. However, funders and commissioners do not have the evidence they need to target their funding. There is a need to know much more what works to ensure children get the high quality financial education they need.

Lord Hutton, former Secretary of State for the Department of Work & Pensions, said: “Learning about the basics of money is essential if we want to build a more financially literate nation. KickStart Money is an exciting and much needed new project aiming to help young students to understand the consequences of debt as well as the importance of saving and investing for their future.”

Suella Fernandes, MP for Fareham and Chair of the APPG inquiry into the effectiveness of financial education in UK schools, said: “Young people are growing up with far greater opportunities to spend money and a wider range of financial decisions to make. Financial education has the potential to transform people’s life chances by equipping them with the vital skills to manage their money well and plays an important role in helping young people to navigate these new financial and consumer landscapes. Kickstart Money is a great new project which will help children up and down the country to learn how to manage their personal finances, setting them up to deal with the financial challenges of later life.”

Guy Rigden, CEO MyBnk said: “We are thrilled to be bringing money to life for young people in primary schools. Starting early, talking about money, playing games and imagining the future makes money fun, real, and can do so much to form good habits early. MyBnk will help young people navigate the money maze, discover opportunities and learn to avoid the pitfalls. Teachers and parents, please get in touch so we may bring expert-led financial education to your school.”

Jane Goodland, Responsible Business Director at Old Mutual Wealth, said: “This collaboration is truly ground breaking as it brings together some of the biggest players in the industry to tackle one of the greatest challenges of our time. Access to credit and the ability to spend online means it’s more important than ever for young people to avoid problem debt from the outset. It’s a difficult territory and landscape for young people to navigate so I’m really proud of what Kick Start Money is seeking to achieve.”

Charles McCreedy, Director of TISA, said: “We are thrilled to initiate an industry sponsored project with the common aim of helping future generations be more financially resilient. This builds on one of the six policy recommendations to emerge from TISA’s Savings & Investments Policy project (TSIP) which identified education as being key to improving financial wellbeing. Research shows key behavioural attitudes to money are formed by age 11, so it’s great to see TSIP’s original policy idea evolve into this targeted programme to tackle the current lack of financial education resources for children. Improving financial skills at an early age is essential and will have a significant impact in adulthood.”

Rupert Pybus, Global Head of Brand and Marketing at Columbia Threadneedle, and a Trustee Director of the Columbia Threadneedle Foundation, said: “Significant proportions of the UK population lack the basic functional skills and knowledge to effectively manage their money. KickStart Money has been developed as a mechanism for the industry/TISA members to pro-actively and collectively transform the long-term savings behaviour of a generation.”

KickStart Money partners: Aberdeen Asset Management, Alliance Trust Savings, Allianz Global Investors, Aviva, Axa Investment Management, BlackRock, BMO Global Asset Management, Columbia Threadneedle Investments, Henderson Global Investors, Legg Mason Global Asset Management, LGIM, Old Mutual Wealth, Prudential UK & Europe, Redington, Schroders and Standard Life.

More info, here.

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“I know exactly where I’m going” – The Money House


“I was really worried about coming. You’ll realise in one second, you can talk here. I feel I can go out there and face all of my debts. I know exactly where I’m going”.

See how our financial education programme for young people helped single mother Petra take control of her money at The Money House.

Aimed at preventing youth homelessness, TMH is an award winning simulated living programme in a real flat helping young people in, or about to move into housing, manage their money and remain independent.

We take referrals on a continuous basis. Based in Greenwich, London, TMH is expanding to Newham soon.

TMH is funded by JPMorgan Chase, Berkeley Foundation and Hyde Housing. Previously run by Hyde Housing.

Contact themoneyhouse@mybnk.org for more info.

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“I wanted to be a rapper, now I want to set up my own business.”

Young market traders have doubled their dough after creating big profits in an enterprise education challenge.

In just four days, a dozen 13-18 year olds from Big Creative Education went from drawing board to Walthamstow Market, using interest free micro loans. The group made £50 profit off a £50 loan by making and selling their own t-shirts and tote bags – that is 100% profit!

Our enterprise education experts taught them how to design, cost, sell and market products, write business plans, give sales pitches, and budget.

 

The Business Battle project, supported by the London Stock Exchange Group, is helping young people learn key soft 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.

“At the beginning of the week I wanted to be a rapper, but now I want to set up my own business.” Aman Guhinya, 18.

“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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MyBnk on BBC Radio 1

MyBnk was pumping out financial education wisdom on the airwaves for Global Money Week.

Hannah Jones, Quality & Training Manager shared her stories, tips, and advice with young people across the UK.

She was joined on BBC Radio 1’s The Surgery by DJ Gemma Cairney, whose new book ‘Open’ features MyBnk, and psychotherapist, Dr Aaron Balick.

Tune in!

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MyBnk rings the London Stock Exchange opening bell for GMW!

 

Schools have helped us open trading at the London Stock Exchange, celebrating the UK flag raiser for Global Money Week, a worldwide campaign to get young people saving and stay out of debt.

Pupils and teachers from Haberdashers’ Aske’s Hatcham College and Lister Community School, along with members of our Youth Advisory Panel, joined a worldwide alliance of 132 countries and seven million young people to raise awareness of financial education for young people.

MyBnk were also joined by Caroline Rookes, Chief Executive of the Money Advice Service, Dr Robert Barnes, LSEG’s Head of Primary Market Division, Jordon Cox from Money Saving Expert, Jane Rawnsley, Group Head of Corporate Responsibility Prudential Plc, Tegan Helen, the 8-year-old author of Money for Kids, and Wessel van Kampen, Managing Director from co-organisers Children & Youth Finance International.

“Managing money well opens up new opportunities and helps us make informed decisions. When it comes to debt, prevention is always cheaper than the cure and right now, as individuals, we owe £1.45 trillion! We have tons of funded workshops available for teachers and youth workers, please get in touch.” Guy Rigden, CEO MyBnk.

“London Stock Exchange Group sits at the heart of the world’s financial community and is delighted to support the launch of Global Money Week, which highlights the importance of financial education for children, society’s future leaders. LSEG‘s own Charitable Foundation has a special focus on supporting young people, working directly with MyBnk and other charities to promote employability skills such as financial awareness and business enterprise.” Dr Robert Barnes, CEO, Turquoise and Head of Primary Markets and UK Buyside, London Stock Exchange Group.

Prudential plc have been supporting MyBnk’s experts to deliver financial education at the Lewisham and Newham schools since 2015.

 

Funded workshops covering everything from debt and tax to budgeting and student finance are now available to local educators across the capital.

Contact mette@mybnk.org for more info on our award winning programmes.

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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!

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

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.

Updates:

  • Digital skills is costing the UK MILLIONS. See how we are integrating them within financial education programmes for young people in our guest blog on the Financial Capability Strategy website.
  • We visited the Magic Circle’s HQ for the Money Advice Service’s Children & their Financial Futures Conference where the personal finance body revealed worrying and encouraging research and former Business Secretary Sir Vince Cable reminded us of the stakes on achieving financial literacy.

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 Rigden, 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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