Financial education charity MyBnk has launched a £3mn campaign to help children better understand finance, with a plan to educate 250,000 school-age children by 2026.
The campaign will deliver hybrid financial education to children and young people between the ages of five and 25 both in school and at home through a mix of in person and virtual sessions.
Speaking about the new campaign MyBnk’s CEO, Guy Rigden said: “Financial freedom is knowing what to ask and who to trust to build the capability and confidence to make the right money choices for our wellbeing. We believe, when it comes to making money choices, this should be a right, not a privilege.”
The campaign was launched earlier this month (June 2022) with a panel discussion held at wealth manager Quilter’s headquarters in London.
Quilter’s head of responsible business, Stewart Perry said that the current cost of living crisis has shown the value of financial education.
He said: “The long-term value of financial education lessons is crystal clear as students develop a better understanding of long-term savings plans and the importance of sticking to financial plans.
“For this reason, now, more than ever, we must ensure that financial education is at the top of the agenda to ensure the nation has the financial resilience necessary to weather any future financial storm.”
MyBnk said it was keen for all young people to have effective financial education, but there are still many gaps to be filled and it is crucial that those most in need are targeted.
Dormant assets scheme
Last week a report from the Centre for Social Justice showed that almost half of individuals – 46 per cent – who have suffered from financial problems said that low money management skills played a part.
The same report showed that 44 per cent of all adults, and two-thirds of those aged 18–34, believe their situation would improve with more financial education.
Reacting to the report, Quilter's Perry said that many studies have shown frightening statistics of the nation’s lack of financial capability and that the CSJ’s findings should come as a serious wake up call.
“Even before the pandemic, the Financial Conduct Authority’s Financial Lives study revealed in 2018 that 4.1mn adults are in ‘difficulty’ because they missed bill payments or credit commitments. These difficulties are starting from ages as young as 18 to 24. A separate report from the Organisation for Economic Co-operation and Development found that an astonishing 96 per cent of teenagers worry about money every day,” he said.
Perry stressed that financial education from a young age is the solution but that further funding is needed.
He said: “The CSJ report calls for dormant assets in banks, insurance, pensions and building societies – the scope of which will shortly be expanded to raise another £880mn – to cover the cost of rolling out financial education for all pupils aged 7-11, which is estimated at £32mn per year.