Our story

Positive financial habits are essential to living independently. Discover why and how we help young people take control of their future by bringing money to life

Why we do it?

Everyone needs to be able to manage their money, it is just common sense.

But for young people the inability to do so has serious consequences. For them, it is easier to fall into debt, be scammed, make uninformed decisions and establish bad money habits.

More than a third of young adults have debts of almost £3,000 and a growing number of under 30’s are struggling to pay household bills and are using credit to cover everyday spending.

Youth unemployment stalks Europe and the traditional routes to employment are changing. This generation will have to make smarter financial decisions and create their own opportunities.

Need for Financial Education

Young people engage with money from an ever earlier age but face a financially challenging future.

When MyBnk started in 2007, just 10% of UK adults had received any form of financial education. Today 41% of students do after MyBnk joined others in 2011 to successfully campaign and get money lessons on to England’s national curriculum, from Year 7 to GCSE.

Although there is wide advocacy for financial education, there remains substantial gaps in relevant, effective and evaluated provision, especially at scale.

However, given timetabling pressures, the absence of extra funding and limited specialist training, evidence and experience tells us schools are struggling to become experts and deliver impactful lessons. Moreover, 50% of students in academies, sixth forms, colleges and free and independent schools are not required to be taught money skills. This is against a backdrop where 39% of teachers feel financial education, as it is currently taught, will make no difference to how young people see monetary issues (Nationwide).

Need for Enterprise Education

Youth unemployment and long-term joblessness is still stubbornly high. Record numbers of young people are starting their own business, yet fewer than 4% go on to create a company that pays a wage or makes a profit (RBS).

How We Do It

Budgeting, costing structures, taxes – they can be… well, boring! That is why our mission is to bring financial education and enterprise to life for young people.

Our motto is: “Every young person must be wowed!”

 

Quality & Training

MyBnk strives to develop and deliver educational programmes that ‘wow’ and ‘delight’ young people – conveying appropriate learning in an exciting way, leaving them with a positive memorable experience and a desire to learn more about money beyond the ‘classroom’.

If you do something you might as well do it properly. This is more true than ever when looking at important topics such as finance, business and employability. That is why we employ full-time paid professionals with a background of working with young people.

 

Out of mainstream education

Our out of school approach shifts, especially when working with vulnerable young people.

Some of these young people also have low self-confidence around money management, so our programmes contain a strong element of challenging negative attitudes, building self-belief and aspirations to move forward financially.

Our History

From working in education in Zimbabwe and Brac in Bangladesh, inspired by Grameen Bank microfinance, and with help from fellow entrepreneurs – the story of MyBnk starts with our founder Lily Lapenna.

MyBnk’s founder, Lily Lapenna, has a background in international development in Africa and Asia. She saw how a small loan can unleash potential, give way to enterprise, better money skills and self-sufficiency.

Annual Report

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.

You can also see our most recent Trustee Report, here and Impact Report, here.