MyBnk are delighted to announce our Founder & Co-CEO’s appointment to the Money Advice Service’s Financial Capability Board.
The level of financial capability in the UK is low. Half of people aged 25-64 say they find it a struggle to keep up with bills and 2/3 of working age people don’t have enough savings to cover one month’s income.
Lily will be working alongside representatives from financial services and other education providers to help shape the Children and Young People strand of the Financial Capability Strategy for the UK. As well as ensuring the voices of young people and young adults are heard, she will continue to make the case for effective financial education, the need to measure its impact and increase its reach.
The benefits of money advice leading up to 2060 were laid out in the Thoresen Report and would reap over £15 billion worth of benefit for consumers and £4 billion for the financial services industry.
If we’re going to improve financial capability, we need to work together. That’s why the strategy is based on collective impact, where we have a common vision for what we’re trying to achieve, and we collaborate collectively to achieve it.
We look forward to working with the entire sector to help young people gain the skills, knowledge and confidence to manage their money and lead independent lives.
Money advice service board