Proving the power of money lessons for young Londoners
MyBnk have won a major award for proving the positive impact of our financial education programmes on the lives of young people.
The Mayor of London and Metropolitan University initiative is London’s first children and youth evidence hub. Project Oracle examined our training and quality methods as well as independent assessments, concluding we are:
“…an exceptional youth sector organisation that demonstrates a direct benefit for young people’s employment and life chances”.
We also picked up £4,000 to help us further refine our sector leading Impact Centre.
Simultaneously at the Westminster Hub ceremony, MyBnk were certified as Standard 3, meaning we:
“Demonstrate through rigorous evaluation, that we are having a measurable effect on our most important outcomes: Financial Literacy”.
Standard 3 is:
A project that has undertaken evaluation that draws a consistent link between the project and the change in outcomes, indicating that the project has caused the observed changes. The project also has procedures in place to increase the likelihood of it being implemented in the future in ways faithful to its design.
Workshops are led by teachers, youth workers and people who have worked in the financial sector. Last year the charity’s education officers were rated excellent by 99% of young people and 96% of teachers.
“Providing financial education to 11 to 25 year olds, MyBnk submitted a systematic evaluation using a mix of methods, with control groups that demonstrated direct benefit to young people’s employment and life chances”.
Lily Lapenna, CEO said:
“This award is a recognition that expert-led financial education is helping thousands of young people manage their money. It also confirms our methodology of putting young people at the heart of designing their own services, works.
It comes at a crutial time, after years of campaigning, financial education is in the national curriculum, but we want to ensure quality and high impact from the limited amount of time available. Only this way can we forge a financially literate and enterprise driven generation, free from debt and the Bank of Mum and Dad”.