Money skills for independent living
According to the Money and Pensions Service, 39% of adults in the UK don’t feel confident managing their money. To help address this, we’ve partnered with MyBnk on an innovative education programme empowering young people to take charge of their financial futures.
The MyBnk Money Works programme will help young people develop the skills they need to manage their finances and live independently. Our grant of £24,500 means MyBnk can deliver 14 Money Works programmes to 85 young people aged 16 to 25 across London. MyBnk will focus their work on young people in at risk groups including: refugees, asylum seekers, young parents, young people not in education, employment or training and those leaving the care system.
- Since 2007 MyBnk has reached over 292,000 young people.
- Completing Money Works results in a 19% increase in participants keeping on top of their bills.
- Money Works is delivered through 66 host organisations a year across the UK
Remarkable results for life
Money Works brings money to life for young participants through real life experiences, popular culture, videos, tools and resources. The sessions challenge negative financial attitudes, build self-belief and deliver real results – MyBnk sees changes in behaviour and money situations in as little as three months. External evaluation of Money Works has found that participants’ debts decreased by over 25% and regular saving increased by over 10%. Before the course, participants’ capabilities in saving, financial confidence, life satisfaction and digital literacy were below the national average. After Money Works, these increased from 37% to 65%.
Money Works workshops cover budgeting and household costs; sources of income; banking and tenancy agreements; borrowing and scams; and how to make the most of online banking and apps to manage finances. As well as greatly improved understanding of how to manage their money, around 70% of course participants receive a Level 1 Certificate in Personal Money Management.
We have supported financial education charity MyBnk since 2020. You can read about our previous grant to MyBnk here.