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.