Enterprising Mindsets: Make it real and make it mean something

Make it real and make it mean something A summary of findings from the Enterprising Mindsets campaign series in which we consider ways to make learning relevant, meaningful and relatable for young people to help equip them with the skills they need to thrive in today’s society

Make it real and make it mean something At Young Enterprise, we launched our No Time Like The Future 2020-23 strategy in January 2020, just months before the Coronavirus pandemic changed our world forever.

This strategy was our commitment to providing one million opportunities for young people by ensuring every young person has the opportunity to: • learn the vital skills needed to earn and look after their money • develop an enterprising mindset • make a positive contribution to their community and society.

When the pandemic hit, we saw young people bear the brunt of its impact, with schools closing to the majority of their students, exams cancelled, 2020-23 STRATEGY YR 2 PROGRESS UPDATE and inconsistent remote learnYoung people are the future – ing opportunities available, of our society, economy and country despite the magnificent efforts from educators up and down  READ THE REPORT Y the country. And by educators, nities, combined with to develop and apply an we mean teachers, parents and carers, youth workers and and skills, changes young informal educators – anyone who can help inspire a young person’s mindset.

And yet, despite the challenges they were experiencing – OUR HOW

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and despite the ‘lost generation’ narrative that pervaded 1.

Increase access to meaningful opportunities much of the UK’s press and media when talking about our 2. Prioritise increasing access and support for young people in– underserved communities children young people were doing extraordinary things.

3. Build YE alumni network & monitor long term impact They were displaying creativity, resourcefulness – often with limited resources, and – where they could – adapting to a fast-paced, changing world; in other words, demonstrating their enterprising mindsets.

OUR PROGRESS No Time Like the Future is a strategy with 3 goals:

At the end of 2021: 1. 572,525 financial and enterprise opportunities were created, engaging 448,904 young people

At Young Enterprise, we believed it was important to recognise and celebrate these achievements and explore what more could be done to help them further develop their ‘enterprising mindset’. We wanted to look beyond the ‘lost generation’ label that had been placed on them and focus on what more we can all do to help enable them to discovHelp us make happen. erittheir full potential as they approach the world of work.

rs, teachers,

2. 14,816 volunteers, teachers and alumni were mobilised

Get in touch today young-enterprise.org.uk

This report summarises the findings of the three campaigns and outlines some of the practical ways we can make a positive contribution to drive forward the recommendations

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we have identified. And we know we can’t do it on our own; that’s why we will be working in partnership with educators, teaching unions, policymakers, other key stakeholders and young people themselves to make these recommendations a reality.

The campaigns ENTERPRISING MINDSETS:

A BREAKFAST CONVERSATION WITH GORDON BROWN In response to the ‘lost generation’ label being used to describe young people throughout the first year of the COVID pandemic, we felt it imperative that we shift the narrative to one of hope, recognising and celebrating the achievements and progress being made by young people.

The first campaign of the series considered how young people have practically demonstrated their enterprising mindsets, showing resilience and adaptability in a changing world and problem-solving in situations never-before faced.

“Everybody’s got something special to offer. That’s why I support Young Enterprise in their ambition of opening the door to more opportunities for young people and widening the chances and the support for young people from disadvantaged areas who are most in need of help. We’ve got to empower teachers, other educators and our wider communities so they can improve the life chances of the young people they serve.

Young Enterprise exists to help young people bridge the gap between what they are today and what they have it in themselves to become; so that instead of developing just some of the talents of some young people in just some parts of the country, we play our part in developing all the talents of all young people in every part of the country”.

Gordon Brown, UN Special Envoy for Global Education, and former Prime Minister of the UK

MAKE IT REAL AND MAKE IT MEAN SOMETHING

At the virtual event in November 2020, we were joined by former Prime Minister Gordon Brown, who outlined the importance enterprise education has in providing young people with the skills to prepare them for the world of work.

This event followed the first season of the Enterprising Mindsets podcast series, where we discussed related topics with entrepreneurs, school leaders and business leaders.

course, be an impact as a result. Confidence, risk-taking and resilience were recurring themes highlighted by Irene Dorner, Chair of Taylor Wimpey and Control Risks; and MD of Foundervine, Izzy Obeng, emphasised the importance of providing young people with the practical, real-world opportunities that help them build the skills and mindsets that are in demand from employers.

Alongside Gordon Brown, we also heard from contributors, including CEO of Freedom Services Group, Sam White, who described why it’s important to equip young people with the skills to positively learn from the inevitable failures they will experience; explaining that things don’t always go to plan in life, and we need to use what we learn to adapt our approaches accordingly. Former teacher and CEO of UK Youth, Ndidi Okenzie, also on the panel, advocated for helping young people understand the links between the learning that takes place in schools and in their local youth provision because “learning doesn’t stop at the end of the school day”.

In March 2022, we published an update report that outlined the progress we had made so far in supporting young women and female entrepreneurs, while also identifying the areas where there is still work to do.

• Watch the event • Read the event report • Listen to Season 1 of Enterprising Mindsets ENTERPRISING MINDSETS:

FUTURE FEMALE FOUNDERS – UNLEASHING THE POTENTIAL IN GEN Z In response to the publication of the Alison Rose Review of Female Entrepreneurship – which found that only one in three of the UK’s millions of entrepreneurs are female, costing the UK economy an estimated £250 billion – we explored how we can break down the barriers facing young female entrepreneurs.

Season 2 of the Enterprising Mindsets podcast was generously supported by a donation from the UPS Foundation and featured conversations with female founders and charity and business leaders. These conversations explored some of the challenges they faced in their early careers and considered what still needs to be done to level the playing field for the next generation of young female entrepreneurs.

This was explored further during a virtual event in April 2021, where the founder of Crafters’ Companion, Sara Davies MBE, explained why we need to engage with children from a young age to instil the idea of entrepreneurship and equip them with the confidence and determination to overcome the barriers they will inevitably face.

We also heard from former Education Secretary Justine Greening, who simply stated that if half of the population can’t play a full role in society and contribute, there will, of

• Watch the fireside chat with Sara Davies and the Panel discussion • Read the event report • Listen to Season 2 of Enterprising Mindsets • Read the 2022 update report “Ensuring that anyone with potential can get on in life makes good business sense. It means that women should have the same opportunities as men to start their own businesses and be represented in business at every level. By working in partnership with educators, Young Enterprise breaks down the barriers for young female entrepreneurs, providing real-world learning opportunities that encourage them to take risks in a safe environment and develop key life skills at a time when their confidence is shown to be highest.”

Rt. Hon Justine Greening, former Secretary of State for Education and founder of the Social Mobility Pledge and Purpose Goals (Levelling Up Goals)

ENTERPRISING MINDSETS:

MINDING YOUR MONEY The third campaign in the Enterprising Mindsets series considered how our early influences with money informs our lifelong attitudes and behaviours, developing our mindset during these formative early years.

Young people need a financial education that helps them develop the knowledge, skills and attitudes they need to manage their money, make informed financial decisions and achieve their goals. And by learning about money from an early age, they have the potential to transform their lives by opening up opportunities that may otherwise not have been considered, a key insight from Sage CEO Steve Hare, who was interviewed in the third season of the Enterprising Mindsets podcast.

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MAKE IT REAL AND MAKE IT MEAN SOMETHING

Another theme discussed throughout the series was the potential impact of financial education on social mobility – we heard former Social Mobility Commissioner Saeed Atcha describe how being financially capable means you have the confidence and knowledge to make betterinformed financial decisions that will impact your life.

We explored this further in November 2021 when we hosted a virtual event which featured Money Saving Expert Martin Lewis CBE as our fireside guest. Martin, who is a long-standing advocate of financial education and supporter of Young Money, passionately explained why we should be teaching children about money from a young age and why it’s crucial to make that learning grounded in a realworld context so it’s meaningful and relatable, rather than theoretical; a view shared by 96% of the virtual audience.

During the event, we further explored a common theme from the podcast series: the potential contribution that financial education can make to social mobility. We discovered that 93% of the audience believed there is a link, calling for research to explore this link further.

Other key themes from the event – which featured a cross-sector panel with representatives from business and education – included how to support young people to make more sustainable financial decisions, the link between financial wellbeing and mental health, and how important it is that financial education addresses the challenges young people currently face, such as cryptocurrencies, social media misinformation and an increasingly cashless society.

• Watch the event • Read the event report • Listen to Season 3 of Enterprising Mindsets “Providing young people with a meaningful financial education is crucial to help them understand it can unlock opportunities and transform their lives.

Being financially capable gives you the confidence to explore new ideas, expands your network, and empowers you to take risks. Young people are growing up in a fast-moving landscape, facing emerging developments such as cryptocurrencies, the digital divide and an increasingly cashless society. Young Enterprise’s work has never been more important to help children and young people of all ages knock down barriers to developing a positive mindset with money that will help set them up for life.”

Steve Hare, CEO, Sage

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ENTERPRISING MINDSETS:

THE PODCAST SERIES The Enterprising Mindsets podcast with Sharon Davies, CEO of Young Enterprise, explores the role mindset has in building financial capability and enterprise skills. In conversation with business leaders, entrepreneurs, educators and young people, Sharon finds out how their early attitudes and behaviours were formed, how these have shaped their journey so far, and what more we can do to support young people in developing an enterprising mindset.

Over three seasons, guests have included NatWest CEO Alison Rose, former Education Secretary Justine Greening, entrepreneur Theo Paphitis, Quilter CEO Paul Feeney, Chief Customer Officer of Principality Building Society Vicky Wales, Alistair McQueen, Head of Savings and Retirement at Aviva plc, and Steph McGovern, TV presenter and financial journalist.

• Listen on Spotify or Apple Podcasts or search Enterprising Mindsets wherever you get your podcasts

What did the Enterprising Mindsets series highlight?

The importance of starting early

We know that it is critically important to engage with primary-age children during those formative years when they are developing their mindsets around money, enterprise, and potential career pathways. We feel that giving them the opportunity to ignite their enterprising spark through programmes such as the Fiver Challenge or taking part in My Money Week or the Money Heroes programme will increase awareness of potential career paths and give them the confidence and knowledge to make better-informed decisions about their future.

Making learning relevant, meaningful and relatable

Research tells us that young people learn best when faced with real, relevant and meaningful scenarios – how do we bring these into their learning in realistic and achievable ways? In a recent survey, 96% of teachers agreed that being able to apply learning in real-world contexts is important – we need to make these opportunities more consistently available both in formal education and through parents, carers, youth workers and communities.

MAKE IT REAL AND MAKE IT MEAN SOMETHING

Reframing the role of failure in learning

Failure is still viewed largely as something to be feared, rather than as feedback that informs our future learning.

That’s why it’s crucial that young people feel supported throughout our programmes and have a safe space to experiment and road-test their ideas to understand what works and what doesn’t to build resilience and nurture their enterprising mindset. By helping them reflect on failure as feedback, they can then learn from that experience and develop the tools they will need to solve challenges in both employment and throughout their life.

What’s next from Young Enterprise?

At a time when the EEF reports (May 2022) that COVID19-related disruption has negatively impacted the attainment of all young people – and in particular those from socially disadvantaged backgrounds – it has never been more crucial that we all play a part in equipping young people with the skills, knowledge and experiences that have the potential to develop mindsets that can positively impact and transform their lives.

This is why we are outlining our commitment to the next generation.

• As part of our No Time Like The Future fouryear strategy, we are committed to providing one million opportunities to young people by the end of 2023. Two years into this ambitious strategy, almost 450,000 young people have engaged in over 550,000 financial and enterprise educational opportunities, designed to help them develop the skills and mindset that will stay with them for life.

• We will continue to prioritise access to opportunity for those young people in schools in underserved communities through programmes such as Project Inspiring Futures. By taking part in programmes such as Company Programme and Employable Me, young people will have the opportunity and support to develop and apply the key employability skills required as they prepare to enter the world of work.

• Acting as Secretariat for the APPG on Financial Education for Young People, we are supporting the 2022 inquiry which explores the barriers facing

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schools in delivering financial education. The report is to be published in Autumn 2022 and will include evidence from primary and secondary school teachers, employers and key stakeholders. It will identify ways forward to help address these barriers and build a financially capable future generation of young people.

We are working in partnership with The Entrepreneurs Network to author a report that profiles 12 schools from across the UK from different contexts. The schools all have examples of good practice in embedding applied learning across the school to provide their students with real, relatable and practical opportunities that bring their learning to life in real-world contexts.

We will continue to provide educators and volunteers with full training and high-quality resources so they feel supported and equipped with the necessary knowledge and materials to deliver lively sessions that engage the young people they are working with.

We will ensure our programmes and supporting content reflect a diverse and inclusive community, building a rich network of volunteers whose personal journeys resonate with the young people they support, inspiring them and growing their network.

We will work collaboratively with educators, teaching unions, policymakers and partners to consider how we can embed applied learning into the primary and secondary school curricula.

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Get involved and work with us We know we cannot do this on our own and are keen to work in partnership with teachers and school leaders, informal educators, employers, volunteers and policymakers to help young people learn and apply the vital skills needed to earn and look after their money and develop an enterprising mindset.

There are many ways to get involved with our work: • Educators can discover our full range of programmes that encourage entrepreneurship, helps develop financial capability and builds key life skills for young people in primary, secondary, higher and special education settings.

• Individuals or organisations interested in financial education can join our Financial Education Forum, a cross-sector network that shares good practice and the latest news and developments in financial education for children and young people.

• If you are interested in sharing your expertise with young people directly, our volunteering network helps young people make the connection between education and the world of work, enabling them to develop the knowledge and attitudes they need to succeed.

• Alternatively, you could provide financial support for one of our programmes, initiatives or research projects; we are proud to be able to build tailored partnerships with businesses, trusts, foundations and philanthropists designed to help young people build the key skills that will set them up for life.

Learn more about our work at young-enterprise.org.uk We look forward to working together and helping transform the lives of young people.