As MyBnk publishes new research on the financial education provided to care leavers by local authorities, MyBnk CEO Guy Rigden and young care experienced people share their reactions to the findings and recommendations.
Marshall, care experienced young person who took part in the research
“I’m really pleased to see the recommendations, especially the one about bringing in other organisations and putting more programmes in place for care leavers. I was also pleased to see inconsistent support mentioned and am glad to see recommendations relating to making support more consistent and bringing in organisations like the DfE to enable this.”
Guy Rigden, CEO, MyBnk
“This research found local authorities are required by a series of laws to provide financial support and education. And they are clearly trying, and there are examples of good practice.
However, for many care leavers, this support isn’t getting through. Too often they don’t know what is available, don’t recall it, and only a third find it significantly useful.
The issue does not appear to be top-line Regulation which, in our view, offers good guidance and balance.
What appears to be happening is resources are constrained and there is insufficient investment and focus on process, connectivity and accountability. We should all battle for more resources for children and young peoples’ services, but in the present climate, we have to assume resources will continue to be constrained.
So, a more useful focus might be on how to help and who can help. This should involve improving standards and consistency, reflecting young people’s needs, collecting and collecting relevant data and supporting foster carers and families.
MyBnk recognises the importance of supporting care-leavers into independence with relevant, effective financial education. I believe the report has helped illustrate the challenges of getting it right and the need to be relentless to succeed. Together, I’m sure we will.”
