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17/02/2016

The UK’s highest-rated money skills programme for young people is coming to Southampton in an exciting new schools project.

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:Paul Feeney

“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.”

 

About MyBnk

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. 

For more information contact

Declan Wilkes

Head of Communications, MyBnk

declan@mybnk.org

Notes to Editors:

Old Mutual Wealth

Old Mutual Wealth is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

It has an adviser and customer offering spanning:

  • Financial advice delivered by the Intrinsic network in the UK and AAM Advisory in Singapore
  • Platform based wealth management and protection products delivered by Old Mutual Wealth in the UK and Old Mutual International globally
  • Asset management solutions delivered by Old Mutual Global Investors
  • Discretionary investment management delivered by Quilter Cheviot.

Old Mutual Wealth oversees £127.3 billion in customer investments (as at 30 June 2017).

Old Mutual Wealth is part of Old Mutual plc, a FTSE 100 group that provides life assurance, asset management, banking and general insurance. Old Mutual is trusted by more than 19.4 (as at 31 December 2016) million customers across the world and has a total of £212.3 billion of assets under management (as at 30 June 2017).

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Old Mutual Wealth Management Limited, a Private Limited Company (Company Number 0604270), Old Mutual House Portland Terrace Southampton Hampshire SO14 7EJ.