How financial skills build confidence

Project
MyBnk

Purpose
To educate young people about money and business

Funding
Around £600,000 a year from various trusts and foundations including the Garfield Weston Foundation and Tudor Trust. Long-term backer JP Morgan Chase Foundation is putting £320,000 into a major expansion plan

Background
In today’s tough economic climate it is vital that young people have the skills to manage their money. MyBnk launched in 2007 with a micro-finance scheme in one school in Tower Hamlets. It has since expanded to offer a wide range of financial education and enterprise programmes.

Action
MyBnk’s core elements include fun, interactive financial education lessons in schools; in-school banks; and enterprise challenges that see young people set up their own businesses. “We teach young people that money doesn’t grow on trees and giving them the skills to manage their money, getting them into good habits for life,” explains head of communications Declan Wilkes. “We also teach them the basics of how money and business works so they have the confidence to do their own thing.”

The charity, which collaborates with other charities and social enterprises, runs a Uni Dosh programme to help sixth-formers understand the true cost of university life as well as working with 18- to 25-year-olds who may be Neet (not in education, employment or training); young offenders, and those living in sheltered housing.

MyBnk has a youth advisory panel to ensure its work stays fresh. While operating mainly in London, it has worked with organisations in the north east and north west. However, the JP Morgan Chase Foundation is funding an expansion that will see the charity team up with partners across the UK to reach 25,000 young people.

Outcome
In 2011/12, MyBnk reached 11,000 young people – 60 per cent in secondary schools and 40 per cent in non-school settings. Nearly 1,400 young people started their first enterprise, making on average 73 per cent profit. For example, pupils who took part in five micro-finance schemes in a school in London saved a total of £4,000. On average, pupils saved £3.54 a week, 59 per cent of average pocket money.
 
Feedback from young people shows that after participating in MyBnk’s programmes, 93 per cent feel confident about dealing with money, 96 per cent say they understand why it is important to budget, and 90 per cent say they plan to save regularly.

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