United Kingdom

Participating organisations: MyBnk, schools, youth organisations Total number of participating organisations: Not reported Number of children and young people reached directly: 1,200 Number of adults reached directly: Not reported Number of people reached indirectly: Not reported

During Global Money Week 2022, MyBnk experts delivered personal finance lessons to almost 1,200 young people in 16 schools and youth organisations, supported by funders including Compare the Market, The Quilter Foundation and The Centre for Financial Capability. Moreover, MyBnk created new free resources for schools and teachers and hosted daily Instagram Lives for 16-25 year olds on investing, budgeting, debt and pensions, in partnership with financial experts including Financial Adviser and TV presenter Emmanuel Asuquo.

In addition, 10-11 year olds were welcomed by a special visitor to their classroom at Alverton Community Primary School in Northallerton last Friday. MP for Richmond Yorks, joined the year six class in his constituency for MyBnk’s flagship primary ‘Money Twist’ programme, supported by The Centre for Financial Capability. He witnessed first-hand how MyBnk’s Money Twist programme works; building positive money mindsets from an early age and improving the financial understanding of future generations. This programme helps children to become informed consumers, savvy savers and mindful spenders, by making finance fun. The MP for Richmond Yorks watched pupils get to grips with the importance of building positive money habits early in life to build stronger saving habits for the future. Children learn about the importance of setting saving goals, having a bank account and about key financial concepts, such as interest rates and risks. He also gave a short introduction to the Treasury, explained what his role as Chancellor of the Exchequer entails and took some questions from the class.

The GMW2022 theme “Build your future, be smart about money” comes as the cost of living rises, making smart money management more important than ever. Smart choices are particularly important for young people who cannot afford mistakes, like the 10,000 young people leaving the UK care system each year. MyBnk’s Money Works and The Money House programmes prepare 16-25 year olds for independent living, giving them the knowledge and skills to pay their bills, manage debt and avoid eviction. MyBnk is also partnering with SGN to help young people manage rising energy costs with a new social media livestream.

Young people are the group most affected financially by COVID-19, and missed education and reduced job prospects meant fewer opportunities to learn about and interact with money.