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Minister heralds inaugural Old Mutual International and MyBnk ‘Money Skills for Schools’ Week

23/01/2017

Old Mutual International, part of Old Mutual Wealth, a leading wealth management business in the UK and internationally, is delighted to announce, in partnership with the UK charity MyBnk and the Isle of Man Department of Education and Children, the launch of ‘Money Skills for Schools’ Week, taking place from the 6th February 2017.

MyBnk’s financial education experts and Old Mutual International volunteers will deliver award-winning programmes to over 600 Year 12 and 13 secondary school students. The Isle of Man Government-backed initiative will teach 16-18 year olds how to budget, bank and borrow, understand taxes, tuition fees and employment rights, and prepare for the cost of university and independent living.

Pupils taking part in MyBnk’s Money Twist and Uni Dosh workshops will also be awarded prizes as part of the Department of Education and Children commitment to developing the 6Rs learning dispositions which form part of the ‘Essentials for Learning’ framework.

Guy Rigden, MyBnk CEO, said: “Young people here face unique challenges and bad budgeting* has been identified as the main debt trigger for Islanders. Managing money well opens up new opportunities and helps us make informed decisions - MyBnk and Old Mutual International are thrilled to be bringing money to life and helping young people prepare for the future.” 

Peter Kenny, Managing Director, Old Mutual International, comments: “As the largest life assurance company on the Island, we understand the importance of providing the generations of tomorrow with the skills and confidence to manage finances early in life.  We are delighted to support MyBnk 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.”

Graham Cregeen, MHK, Minister for Education and Children, said: “Whether heading into higher education or into the workplace, our students rapidly need to get used to handling their own finances, budgeting, completing tax returns etc. The ‘Money Skills for Schools’ programmes will offer age-appropriate, practical advice on the complexities of these areas. It will greatly complement work we do with other organisations to create financially savvy students.”

Media are invited to attend the launch of ‘Money Skills for Schools’ Week at Ballakermeen High School on Monday 6th February, 10.25am to 11am. Graham Cregeen MHK, Minister for Education and Children, will attend and there will be the opportunity to interview students. Please advise jo.overty@gov.im by Friday 3rd February if you plan to attend.

As well as the Ballakermeen session, other school deliveries taking place during the week include: St Ninian’s and Queen Elizabeth II High Schools as well as Ramsey Grammar School and University College Isle of Man.  For further information or to attend a session in action, please contact Jo Overty at jo.overty@ gov.im or directly at 686080 or Wendy Ranft-Gerber at Wendy.Ranft-Gerber@ominternational.com or directly at 407545.

Experts from MyBnk and Old Mutual International will also be available for interview throughout the week.

*Source: ‘Isle of Man in Numbers’ report.

 

 

Notes to Editors:

About MyBnk

The charity MyBnk is the UK’s leading designer and deliverer of financial and enterprise education programmes for young people. Its experts bring a range of workshops covering topics such as budgeting, tax, debt intervention, university finance and social enterprise to 11-25 year olds in schools and youth organisations.  They have helped over 160,000 young people manage their money and start their own business with 750 partner organisations. MyBnk also designs projects and training programmes for other organisations.  MyBnk is the recipient of The Guardian Charity Award, Children & Young People Now Leaving Care Award and the Centre for Social Justice’s Poverty Prevention Award. Its projects are proven and evaluated by the national Money Advice Service.

Old Mutual International Isle of Man

Old Mutual International Isle of Man is a leading cross-border provider of financial solutions for local and expatriate investors. The business employs over 400 people in Onchan, Isle of Man, providing

operational support to Old Mutual International clients in the UK, Europe, Singapore, Hong Kong, Dubai, Latin America and South Africa.

The business is proud of its strong heritage on the Isle of Man having been established over 30 years ago.  Old Mutual International Isle of Man is committed to investing in its local community, helping to make a difference to island based charities and organisations through charitable partnerships. 

About the 6Rs and Essentials for Learning

The 6Rs, namely Readiness, Remembering, Resilience, Resourcefulness, Relationships and Reflectiveness form part of the Department of Educations’ ‘Essentials for Learning’ framework. Within education on the Island there is a commitment to developing these learning dispositions within our young people from age 5 through to 18 and beyond to form just one part of an individuals’ lifelong learning journey.

Moneywise

As part of our commitment to financial education, Old Mutual Wealth is sponsoring the 2017 Moneywise Personal Finance Teacher of the Year competition.  The competition is open to UK and IoM schools and more information can be found by visiting: http://www.moneywise.co.uk/news/2016-12-12/win-5000-your-school-our-2017-personal-finance-teacher-the-year-competition

This press release is for journalists only and should not be relied upon by financial advisers or customers. Investments may fall or rise in value and investors may not get back what they put in.

Notes to editors:

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

On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31 March 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset and single strategy investment solutions; and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

The Quilter businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:

  • Intrinsic to Quilter Financial Planning
  • Private Client Advisers to Quilter Private Client Advisers
  • The Multi-Asset business to Quilter Investors
  • The UK Platform to Quilter Wealth Solutions
  • The International business to become Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

On 19 December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Quilter is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking. For the year ended 31 December 2017, Old Mutual reported an adjusted operating profit before tax of £2.0 billion. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at www.oldmutualplc.com.

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