Guy Rigden
CEO, MyBnk
Rising energy bills and fuel prices, stagnant wages, increased inflation and a looming recession make for headlines filled with negative terminology that young people may not understand.
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?
Linking money and wellbeing
Money and debt have long been taboo subjects that have challenged previous generations, leading to detrimental and, at times, devastating effects on welfare.
For example, people in debt are three times more likely to consider suicide as those without a debt problem. Research from The Children’s Society also found that household problem debt is associated with lower wellbeing in children — a worrying statistic given that 3.9 million UK children live under these circumstances.
Our money choices affect and link with many other aspects of our lives, including our relationships with others, self-confidence and career prospects. Improving the financial capability of young people can help prevent serious future problems, such as poor mental health, unemployment and homelessness.
With the current cost of living crisis set to exponentially impact young people for years to come, it is time to act and invest in their future happiness.
Breaking the cycle
MyBnk is a charity that delivers expert-led financial education programmes to 5–25 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.
With the current cost of living crisis set to exponentially impact young people for years to come, it is time to act and invest in their future happiness.
Higher incomes, consumer protection and better products are all useful for improving financial wellbeing. But it is essential young people are educated and equipped to make the right money choices for themselves.
There are many sources of money guidance but many are irrelevant, ill-informed, of unproven impact or linked to selling. Through the delivery of impactful and evaluated financial education, organisations like MyBnk can help to break these cycles for young people as they transition to independence.
Achieving financial freedom
For MyBnk, financial freedom is knowing what to ask and who to trust to build the capability and confidence to make the right money choices for our wellbeing.
Our Financial Freedom campaign is unapologetically tackling the taboo around money and helping build financial confidence. Focusing on young people who are in most need, we will deliver practical financial education to over 250,000 children in their schools and homes.
To support the campaign, visit mybnk.org/financialfreedom.