Day 2 of Global Money Week kicked off with exciting youth-led bank activities covering saving and lending via our MyBnk-in-a-Box financial education programme.
We have trained dozens of young people to run their own in-school and online banks using real money and offering savings and loans facilities. Walthamstow School for Girls became the Dragons Den in our Back My Business session as MyBnkers decided which five out of 200 loan applications would get the MyBnk backing and make it to market. With help from a volunteer from ICAEW, they examined business plans, costings and social enterprise elements.
“We’ve already had experience with loans as MyBnkers so I feel that that really helped us prepare for today. Some business ideas we’re too common and wanted to sell things like stationary and makeup, the ones that stood out to me were things that were unusual, like bath bombs. I had loads of fun, we weren’t bored at all, my arms are aching from all the writing but I really enjoyed it.” Rimsha, 14.
The enterprise education programme gives a strong practical element to money management skills. Teams will now have to handle their loan with care and use it to run their own market place in just a few weeks time.
“I was really impressed by the loan applications from the students today, there were some really great ideas and I was also impressed with the MyBnkers who were assessing the applications, they used a lot of business skills and I feel like they got a lot out of it, I’m sure it can help them go forward with their bank as well as any business prospective in the future.” Andria, volunteer, ICAEW
Across the city, MyBnkers at Mount Carmel Secondary School for Girls concentrated on getting more pupils saving at their bank. Over the last few weeks new customers were targeted in marketing campaigns and saving incentives like sugary based baked items!
“I normally waste all of my money on sweets and other things that aren’t useful so I want to make sure I’m actually saving up for something important for my future. You need to learn to save for when you want to buy something big like a house, if you don’t start now it will be really difficult in the future.” Valerie, 13, New Mount Carmel Saver!
The girls helped their fellow students learn the importance of saving and keeping their money in a safe yet accessible environment. Students also made some nominations for Jack Petchey Awards today following the success of Walthamstow School For Girls’ a few weeks back, watch this space!
“I chose to become a MyBnker because I felt that it would be a good experience that could teach me how to save and manage my money properly. It’s really important for young people to save because if they might end up just spending it all otherwise and they could potentially get into debt tomorrow.” Kelsey, 13, Mount Carmel MyBnker
Among all of this today we’ve also been down in Cornwall at Saltash as well as with Activate Sport teaching young people the importance of money, learning its history and how to budget through our Money Twist sessions. We’ve also talked student finance in our Uni Dosh session with Macmillan Academy and made money work with Money Works across the country from Cornwall to Ealing. On top of that our money adviser has been giving free 1-2-1 Money Advice to young people at Hornsy YMCA, helping them to learn about taxes & reading their payslips properly.
Tomorrow we are headed back out delivering tons of programmes to young people talking uni, budgeting and saving, stay tuned!