Day 5 of Learn Money Week saw us gain the backing of Elizabeth Truss MP, the UK’s Education Secretary and new countries joining the financial education jamboree. It also saw enterprise come to to fore once again.
She praised the scheme as an “excellent opportunity to boost awareness of financial management among young people” and will “provide a major boost to the financial awareness of young people and will ensure they leave school with the budgeting, money management and financial skills needed to succeed.”
570 young people in India took part in activities at PSGR Krishnammal School in workshops linked to coins, currencies and transactions as well as submitting A to Z of Money Posters. Across in Lisbon, the Global Shapers Community celebrated a secondary school’s 50th birthday by helping 150 students with Learn Money resources.
In three schools in Dusseldorf, Germany, 150 students aged 8-10 discussed spending, investing and charity – the session was led by one of the original founders of Learn Money Week, Henrik Naujoks from Bain & Associates.
Back in the UK, our experts where also on hand to help 200 11-14 year olds at Crown Woods College 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.
Enterprise also played an important part in bringing money discipline to youths, with young people. Youths at City & Islington College ramped up their enterprise projects ahead of selling at Camden Market this Saturday. Young teens at Barnet & Southgate College have been wrestling with the pounds and pence as they reported on their Enterprise-in-a-Box project selling ethical products into the community – teams made nearly £200 profit in their first enterprise experience.
“It’s definitely important for young people to learn this for the future so they have more opportunities and experience in running their own businesses. I’ve learnt new skills such as how the money works and how to persuade people to buy your product, you need confidence, body language, eye contact and communication with your customers. We talked about budgeting to calculate the profit for our market, I’m ready! Lauren, 16, barnet & Islington College, Business Battle, MyBnk.
Young people living in sheltered accomidation at Peabody Housing Asociation addressed independent living 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.
In the USA and South Africa, Operation Hope delivered their Banking on our Future workshop, helping hundreds of youths in High Schools and youth groups take control of their money by learning about empowerment and responsibility.
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.
Be Better and Citi Bank China helped youths tackle saving and consuming, continuing their 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.
Day 6 brings financial education to the streets of Camden Town Market, London in an all out Business Battle for City & Islington College.