Director of Education & Content, MyBnk
Without knowledge of the concepts, products or economic state they are about to enter, how can the young people of today thrive as adults tomorrow and secure stable financial futures?
The Resolution Foundation dubbed 2022 as ‘the year of the squeeze’ with an average household £1,200 worse off than in 2021.
MyBnk is a charity that delivers expert-led financial education programmes to 5 to 25-year-olds in UK schools and youth organisations — directly, virtually and online. Together with young people, we have created innovative, high-impact and high-energy workshops that bring money to life. We also leverage our impact and expertise to drive systemic change.
Investing in financial futures and wellbeing
The impacts of the cost of living crisis on young people go far beyond money. Young Minds research found that rising costs are the major worry for over half (56%) of young people. They reported disruption to daily life, particularly their diet and sleep. Ultimately, supporting young people to cope with this situation is an investment in their overall welfare, not just their bank balance.
80% of young adults leaving local authority care want more help managing money.
The financial education gap
Despite the increasingly challenging economic situation and its clear impacts on mental health and wellbeing, 39% of young people at school age have not received effective financial education, and 80% of young adults leaving local authority care want more help managing money.
There’s no easy solution, but expert-led money management courses can help build financial skills and confidence at a time when it’s needed most. After our sessions, 67% of primary pupils started a money goal, 74% at secondary age kept closer track of their money and the proportion of young adults with savings increased by 60%.
Plan your money to secure a financial future
This week is Global Money Week: an annual global awareness-raising campaign on the importance of ensuring that young people are financially aware from an early age. Throughout the week, MyBnk is delivering financial education to approximately 1,600 young people aged 7–25.
This year’s slogan is ‘plan your money, plant your future,’ emphasising the importance of a long-term mindset when it comes to finances. With many of us struggling to afford basic living costs, encouraging young people to plan and save may be more challenging. But giving them the tools to maximise their income, check any entitlements they are eligible for and reduce costs can help them safeguard their financial futures.