Southampton Test MP Dr Alan Whitehead has praised efforts arming local young people with vital money skills during national Financial Capability Week.
The Money Advice Service initiative is the first ever UK-wide campaign to raise awareness of the importance of ‘financial capability’, which they find as stubbornly low.
Since April, a thousand 11-25 year olds have learnt how to budget, bank and borrow thanks to workshops by the charity MyBnk and supported by local-employers, Old Mutual Wealth.
Dr Alan Whitehead MP for Southampton Test: “I am delighted to support Financial Capability Week. This important campaign aims to make it easier for people to better manage their money day-to-day and during periods of financial difficulty. The collaboration between MyBnk and Old Mutual Wealth to bring financial education to local schools is a fantastic initiative to help children develop a vital life skill.”
The Hampshire region is one of the UK’s most indebted areas, adding £359m to the nation’s £1.45 trillion debt mountain. Its wards are also ranked within the most deprived 20% in the country.
Anna Hutchings, Activities and Support Coordinator, Winchester Young Carers: “The workshops MyBnk delivered are fantastic and totally met the complex needs of our young people. They really enjoyed the fun, engaging, informal, but informative way, MyBnk bring such an important subject like money to life.”
Jane Goodland, Responsible Business Director, Old Mutual Wealth: “Our work with MyBnk in local schools is helping ensure young people make wise spending decisions so they can live more prosperous lives. Alan sees how collaboration between grassroots charities and local employers can make a powerful impact on the frontline. We want to show more young people how they can master money – teachers, youth workers, please get in touch.”
Guy Rigden, CEO, MyBnk: “We want to thank everyone in Southampton who have helped us bring money to life for young people this year. Managing money well opens up new opportunities and helps make informed decisions. When it comes to debt, prevention is always cheaper than the cure and right now, as individuals, we owe £1.45 trillion. Financial Capability Week shows we can effectively tackle one of the root causes of poverty.”
If you would like us to bring our financial capability and enterprise workshops to your young people, contact [email protected] or if you are interested in supporting our mission, contact [email protected] for more information.