??The Money for Life programme, established by UK Youth and Lloyds Banking Group, will aim to help 16- to 25-year-olds manage their money better by improving their knowledge, confidence and skills.
?The programme, which is being delivered in partnership by UK Youth and The Mix, a digital support service for under-25s, is a refreshed version of the Lloyds Banking Group's previous Money for Life programme. ?
Lloyds Banking Group invested £10m in the programme from 2010 to 2015 and has committed to investing a further £3m over the next three years.
?It comes after research commissioned by the banking group and carried out by YouGov found that 45 per cent of the population voted for the financial education of young people as something banks should invest in - rising to half of 16- to 24-year-olds and 71 per cent of MPs.
??Research by think-tank Demos, which was revealed at a series of roundtable events commissioned by Lloyds Banking Group, also reinforced the need for financial capability education.
It is hoped the programme will help young people to understand issues such as jargon around borrowing, taxes, different bank accounts, practical tips for making money go further, keeping track of spending, planning for retirement, and compiling a household budget. ??
A new online "hub" that includes money advice, online training, forums and a crisis helpline has been launched as part of the programme. Face-to-face peer education training is also available and a savings application will launch next month.??
Anna Smee, chief executive of UK Youth, said: "The recent Demos and YouGov research showcases a real need for programmes like Money for Life.
"This exciting three-year programme between UK Youth, The Mix and Lloyds Banking Group will enable us to engage thousands of young people across the UK and empower them with good money management skills while supporting them across their social development journey to help them positively transition into adulthood.
??"By putting young people at the heart of the programme's design and delivery, Money for Life delivers inspiring on and offline activities to develop confidence and skills around financial management."
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