Award-winning financial education charity MyBnk and Southampton-based, Old Mutual Wealth, have teamed up to arm over 3,500 students with real-life money skills through hands-on workshops.
Southampton is one of the UK’s most indebted cities, adding over £359m of unsecured loans to the country’s £1.45 trillion personal debt mountain. Locals also have a higher than national average cost of living.
With MyBnk, 11-18 year olds will learn how to budget, bank and borrow, understand taxes, tuition fees and employment rights and prepare for the cost of university and independent living.
Teachers are invited to register their interest with MyBnk now for access to free workshops.
The government’s Money Advice Service has deemed MyBnk’s projects for young people as the country’s most effective. After the sessions, students see a 40% increase in understanding of credit, interest rates and inflation, an 18% rise in positive attitudes towards money and a 25% jump in skills.
Guy Rigden, MyBnk Co-CEO, said:
“We are thrilled to be bringing money to life for young people in Southampton schools. 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! Schools, teachers, please get in touch.”
Paul Feeney, CEO, Old Mutual Wealth, said:
“Gaining the skills and confidence to manage finances early in life is critically important. We are delighted to support MyBnk to expand their services in a local community where we are a major employer. Learning how to use credit effectively, tackle debt or make wise spending decisions will help the students to live more prosperous lives.”
MyBnk is the UK’s leading trainer, designer and direct deliverer of financial and enterprise education programmes for young people.
Its experts bring a range of 100 minutes workshops covering topics such as saving, tax, budgeting and university finance, to 11-25 year olds in schools and youth organisations.
Programmes are created by its in-house team and young people. Education Officers are rigorously trained and are assessed by young people and teachers after every session.