Everyone needs to be able to manage their money, it is just common sense. But for young people the inability to do so has serious consequences. For them, it is easier to fall into debt, be scammed, make uninformed decisions and establish bad money habits.
Together with young people, My Bnk create and deliver innovative, high-impact and high-energy financial education programmes. They help to build young people’s money knowledge, skills, mindsets and habits at key transitional moments. Two thirds of their work is with young adults in vulnerable circumstances focusing on ‘survival’ money skills for independent living.
A quarter of children live in poverty and a decade of austerity has seen them face the growing gig economy, higher rents and increased personal responsibility with less security. The benefits of a meaningful financial education are evident but there remains significant gaps in relevant, effective and evaluated provision.
MyBnk reaches over 20,000 young people a year and has the UK’s strongest evidence base on the impact of financial education.