MyBnk is delivering the UK’s highest rated financial education programme for young people, according to the Money Advice Service’s Evidence Hub.
The joint University of Bristol project scrutinised dozens of schemes and examined ‘what works’ in financial literacy in an effort to raise standards and outcomes.
MyBnk’s Money Twist programme for 11-18 year olds was rated as ‘Effective’ and resulted in increased money skills, abilities and mindsets, according to the study. It covers everything from debt and banking to pensions and careers and was rated higher than any UK bank or state initiative.
MAS also discovered that direct, expert-led and independent delivery of money lessons achieves better results than teacher training or volunteers. We are delighted that the Hub has raised the bar for everyone arming young people with the skills they need to stay out of debt and make informed choices.
Why is it important?
This is the first time that UK financial capability programmes have been independently assessed and rated together. It helps teachers, policy makers and funders make informed decision and refocuses the sectors efforts onto quality, impact and methodology.
In September 2014, financial education was made compulsory for some young people in a limited number of schools in England via Maths and Citizenship. The Department for Education has subsequently announced that only government finance will be GCSE tested – meaning young people will not be tested on things like budgeting, risk, and interest rates.
MyBnk has long expressed concerns regarding timetabling pressures, the absence of extra funding and limited specialist teacher training, all of which may result in schools struggling to become experts and to deliver quality and impactful lessons.
What next?
Last week, the Farnish Report recommended that MAS support financial education in schools. MyBnk can deliver what is required on the National Curriculum at a cost of £25-30 per pupil.
Ironically, since money lessons were made compulsory, our sector has had to turn away many schools as demand for our programmes soared. Trusts, foundations and CSR Units are reluctant to fund something that is even marginally statutory meaning young people and teachers miss out on expert-led projects like ours.
The time has come to properly fund effective financial education for young people in schools.
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