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 Mangacomics. 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!
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.”
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 Twistworkshops 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 firstname.lastname@example.org.
Young people have lots of questions when it comes to university.
Should I go? What about debt? Does it help my career plan and yes, how do I pay for it?! There are other big unknowns as many young people live alone for the first time and engage with money in ways they have never done before.
MyBnk’s Education Director Sharan Jaswal joined BBC News to help young people find out what owing tens of thousands of pounds in student finance means for things such as their credit rating and hopes of owning a home.
Financial education is not compulsory for Sixth Formers in England, meaning many young people miss out on vital information just at the time they need it most.
A MyBnk nominated teacher has come runner-up in a national award in search for the UK’s best financial educator.
Chrissy Humphrys, a Careers Education, Information, Advice and Guidance teacher at The Green School also received £1,500 to spend on money skills programmes.
Our experts have worked with the London school in Hounslow for five years thanks to funders such as Players of the People’s Postcode Lottery.
The judges say…
The judges were Kirsty Bowman-Vaughan, financial education lead for the Money Advice Service, Moira O’Neill, Moneywise editor, Jeff Prestridge, personal finance editor of the Mail on Sunday, and Jane Goodland, responsible business director for Old Mutual Wealth.
The judges thought Chrissy’s material was very challenging and she really made the children think carefully about their beliefs by posing fantastically thought-provoking questions. They were impressed with how she set out the fact children could end up in debt if they do not recognise and address financial problems. Plus, they liked her use of both internal and external resources.
Chrissy said:“It is vital all young people receive these vital lessons to equip them with the skills they need in preparation for life beyond the classroom.”
Moira O’Neill, editor of Moneywise said:“We run this competition because we believe it’s never too soon for young people to learn about their finances, and that by mastering the basics early on in life, they will grow up to be the most financially savvy generation yet.
“These awards recognise the individual effort put in by primary and secondary school teachers to create engaging ways to ignite interest in personal finance. We know that teachers are busy and face an extraordinary range of competing claims on their time so those making these efforts deserve great acclaim.
“It’s crucial for the health of this nation’s finances to support teachers at all levels to deliver key financial messages to young people. It’s essential that we prepare and empower young people to make the key decisions that they will need to become confident and independent young adults. With two young daughters this is a cause very close to my heart.”
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.
The government’s Money Advice Service (MAS) have helped launch a ground-breaking project aimed at boosting the financial literacy of young Deaf and blind people in the UK.
The specialist Money Mechanics project is designed and delivered by the financial education charity MyBnk, The Royal Association for Deaf people (RAD) and Royal Society for Blind Children (RSBC).
Kirsty Bowman-Vaughan, Financial Education Lead at the MAS said their investigation found “barely any” specialised services were delivered to young people with these additional needs.
Just 29% of young people who are blind or Deaf manage their own finances.
The project will see over a thousand 16-25 year olds living with sight or hearing loss learn how to budget, bank, borrow safely, in their first languages to take control of their lives, sustain work, go to university, move into independent living and live life “without limit”. Training will also be scaled to other youth organisations.
The launch, endorsed by former Cabinet Officer Minister, Lord Blunkett, also saw keynote speeches and guests experience the games and activities we are trialling with young people.
Nearly 70% of blind and partially sighted young people are living on the poverty line and only 41% of Deaf young people gained 5+ GCSEs graded A* -C including English and Maths in 2016.
Those with disabilities also face a double disadvantage when it comes to managing their money and accessing financial services.
The project will focus on contextualising three award winning MyBnk education programmes, Money Twist to arm them with core money skills and navigate the financial system, Uni Dosh, so they can make an informed choice about going to university and live independently, and Enterprise-in-a-Box to equip them with employability skills.
L to R: Kevin Satizabal, Young Ambassador, RSBC, Mike Brace CBE,
Money Mechanics Project Lead, Sharan Jaswal from MyBnk.
At the launch, Keynote speaker Toby Linton Burton, Chair of RAD, CFO at The Economist and British Sign Language user said “parents lacked the knowledge to help their Deaf child look after their finances.” Former Paralympian Mike Brace CBE, who was blinded at the age of ten, told guests “if you can’t be in control of your money, you can’t be in control of your life.”
“Deaf or blind young people have lower incomes and higher expenses than their peers, research shows they are frightened of money, are more vulnerable to debt and six out of ten find banks intimidating and unhelpful,” said Money Mechanics Project Lead, Sharan Jaswal from MyBnk. Adding: “we will not leave them behind. This project will educate and empower them.”
Paul Newbury, Head of the Hearing Impaired Unit at St. Clere’s school spoke of his fears for young Deaf people who will not have the chance to fulfil their potential due to the lack of initiatives, such as Money Mechanics. Kevin Satizabal, Young Ambassador, RSBC, who is also blind, echoed these sentiments saying: “It’s about independence. You don’t know how liberating managing your own money is.”
Supported by players of People’s Postcode Lottery, the ‘Dream Fund’ project will arm these young people with the skills to survive, thrive and live independently. We also intend to roll out the scheme via other charities nationwide.
Since 2005 players of the People’s Postcode Lottery have raised an incredible £168.4m for charities and good causes across Great Britain and internationally.
Reporter Iona Bain experiences what it’s like for a blind person to enter their pin code.
See her Young Money Blog on the launch.
Lord Blunkett said:“It gives me great pleasure to see a project like Money Mechanics tackling some of the root causes of isolation and deprivation. By teaching some of the most vulnerable in our society how to manage their money, in their own language, the doors of opportunity are opened to live life, without limit”.
Guy Rigden, CEO of MyBnk, said:“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.”
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 have the knowledge and skills they needed to deal with their finances effectively and independently.”
Dr. Jan Sheldon, CEO, Royal Association for Deaf people said:“Deaf young people often miss out on information because it isn’t accessible to them. One of RAD’s key aims is to deliver services in a Deaf person’s first language. Our participation in the Money Mechanics project will empower young Deaf people to become more independent by taking control of their finances.”
For more information, pictures or to visit a MyBnk session please visit www.mybnk.org or contact firstname.lastname@example.org.
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
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.