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.
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 email@example.com.
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.
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 firstname.lastname@example.org.
Moneywise 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,
MyBnk has won a national award for our work helping young people manage their money and start their own enterprise.
We were one of just five charities chosen from nearly 1,000 entries across the UK. Judges were wowed by our financial and enterprise education programmes for 11-25 year olds in schools and youth organisations. They were also impressed by our projects with vulnerable young people, consultation work, youth participation policy and growth.
Read all about it, along with a new frontline video, in today’s Guardian. We have also written a blog for The Money Advice Service and will appear on BBC Radio 1 tonight at 9pm delivering some festive money tips!
The judges said:
“MyBnk has demonstrated excellence and achievement in what they do. They deliver a clear benefit to young people, many of whom are disadvantaged by poverty, or are marginalised in some other way.”
Guy Rigden, MyBnk CEO, accepted our trophy at The Guardian’s headquarters in London, along with Oscar Njea-Nzo Asewandor, a member of our Youth Advisory Panel, and Jane Rawnsley, Group Head of Corporate Responsibility, of long term MyBnk supporter, Prudential plc.
It’s a hat-trick for the awards cabinet and a fantastic springboard as we enter for our 10th year. Exciting new projects include The Money House programme for young tenants, our expansion to Primary Schools and the Isle of Man and the integration of digital skills into our intervention and employability workshops.
We even got to meet Sir Ian McKellen!
It is is also a recognition of the amazing progress of financial education in society as a whole. Financial literacy is now at the forefront of the life skills agenda with increasing support from civil society, industry and state via The Money Advice Service’s Financial Capability Strategy for the UK.
A big thank you to all our young people, funders, partners, teachers, youth workers, Trustees, Patrons and the MyBnk Team on a fantastic achievement!
Elona received her award from Guy Rigden, MyBnk CEO, at the latest termly YAP gathering at our London HQ.
The Youth Advisory Panel is core to our mission of empowering young people to take control of their future by bringing money and enterprise to life. It makes our games and activities relevant, effective and fun and offers opportunities for past participants to gain new skills and experiences.
If you or someone you know would like to join our YAP, please contact email@example.com.
Tell your story and help more young people gain the skills to take control of their lives!
The MyBnk Speakers Club is an exclusive group of 11-25 year olds who feature on national TV and radio programmes, in newspapers and attend events at Westminster as our charity ambassadors.
Supported by our dedicated Communications Team, you will receive specialist training, improve your public speaking skills, take part in case studies and focus groups, grow your professional network, raise your personal profile and have the opportunity to gain work experience in a busy and growing charity.
You will also earn Vinspired volunteer points and qualify for Jack Petchy Awards of £200!
In Autumn 2016, MyBnk became Mitsubishi UFJ Financial Group’s (MUFG) charity partner,supporting us to arm over 1,200 students with real-life money and business skills. Angus MacGregor, Chief HR Officer, joined us on the frontline…
“Earlier this month, I decided to sign up to volunteer at MyBnk’s Uni Dosh programme at Highbury Grove Sixth Form. I’d volunteered before with young people, however, I’d never worked with this age group.
Apprehensive at first, but having three teenagers of my own, I was prepared! The students were around 17 years old, just ready to go into university, and the session was aimed to help them understand how to manage their finances and give them tips about saving before they started that journey.
The students were very responsive, thanks in-part to the amazing style of the the MyBnk Education Officer who had captured their mood perfectly and I was able to talk to each and every student.
I offered advice from my own experiences which helped them understand a little more about their future activities. One student was amazed that the operational costs of maintaining a car could be anything up to £12,000 and decided that perhaps it wasn’t a great investment whilst trying to balance their new financial responsibilities.
I felt I was able to add value to the session and really give important insights into the realities of university life. I learnt quite a bit myself, I learnt that a job in a local council library pays around £11 per hour, and that most students from this sixth form are planning to live at home and work two jobs whilst at university!
It was a great session to be a part of; I feel the students gained a lot. Sometimes it’s hard to tell with teenagers, you can often just get a grunt! But I could tell many of the points really landed and gave them something to think about. I really hope these young people succeed at university.
I’m sure I’ll be volunteering with MyBnk again in the near future and I encourage other colleagues from across banking to do so too.”
If you would like us to bring our financial capability and enterprise workshops to your young people, contact firstname.lastname@example.org or if you are interested in supporting our mission, contact email@example.com for more information.