Day three of Learn Money Week saw over 20 sessions by nine financial education outfits reach 6,500 young people worldwide.
In the UK, MyBnk brought fully functional banks to Westminster Academy and Mount Carmel Girls School. A dozen young teens and their teachers have been trained to operate an online and in-school banking system, MyBnk-in-a-Box. At lunchtime the two threw their doors open and scores of young people deposited real money to get into good financial habits…and save up for the weekend!
In an intense session at St Pauls Way Trust School we were literally playing with young people’s future in a specialist university financial education workshop, Uni Dosh. As well as debunking student debt we explored Sixth Formers options with bursaries and planned how they were going to sustain independent living. All 24 were leaving home for the first time! The group couldn’t believe how much water bills costed and did not like the idea of using loan sharks and payday loans, one said if you did use one you’d end up having to pay back with your house.
“I’m not good at saving but I’m going to open a bank account now because I always spend my money that I have on hand which isn’t good. I’ll be studying international relations in university and I’m looking forward to it. It’s important to learn this because this will be the first time we’ll have to do it alone and I’ve enjoyed it, it’s been fun and interesting.” Rahi, 18:
Our experts where also on hand to help 700 11-14 year olds at Ashcroft Academy, Woodside High and Mount Carmel understand the origins of capital and how it flows between institutions by discovering the history and features of money, forms of payment and currency & exchange rates. The Money Twist project also examines budgeting, youth employment, minimum wage, needs and wants, risk and saving.
We used the Business Battle drawing board to market enterprise challenge to apply practical learning to financial education.experts where also on hand at City & Islington College. Youths at Lambeth College had the chance to detoxify their relationship with money in Money Works sessions. Young tenants at Vision Housing addressed arrears and prioritised bills in seven 45 minute 1-2-1 Money Advice Service sessions.
Still in the UK, AXA Insurance continued their partnership with Redstart to give young people at Upton Park School lessons in budgeting, assets and wealth, liabilities, risk and Dragons Den style enterprise challenges. The National Skills Academy brought Barclays Money Skills weeks to 23 schools and colleges across England to help youths manage their money, reduce financial stress and increase their chances of achieving their financial goals. They were also training staff from housing associations and credit unions in money management programmes through the Lloyds Money For Life programme. Oxford Economics were at Eynsham Primary School, delivering the specialist Learn Money Week Piggy bank resource to get young people into saving.
In China! Be Better and Citi Bank China are organising events for youths between ages 10-17 years participating in exciting activities such as team survival games on financial topics, bank visits, workshops on money matters and social topics and more.
1,000 youths learned how to make the most of a limited income at Tulip International School, Dinajpur, with Bangladesh’s Sabirul Islam, Founder of Inspire1Million organisation. Save the Children’s YouthSave project continued to help 3,600 youths via banking workshops, essay competitions on saving and policy roundtables with government ministers and young people in Ghana, Columbia and Kenya.
Other innovative projects like the USA’s Operation Hope and their Banking on our Future workshop, helped 230 youths including vulnerable young people at Denver Probation services, Reginald F. Lewis High School and Empowering Young Minds of Baltimore and Lotus River High in Cape Town, South Africa, take control of their money by learning about empowerment and responsibility.
Tomorrow we bring financial education to the floor of the London Stock Exchange and help ring the opening bell!