- 50% of 16-24 year olds voted financial education of young people as the initiative that most people want banks to invest in.
- New research showcases the urgent need to help young people understand borrowing jargon, taxes and bank accounts.
- Youth charities UK Youth and The Mix join forces with funding from Lloyds Banking Group to respond to this call with new Money for Life programme.
- Ashley Banjo and Dina Asher- Smith amongst celebrities who showcase their support for Money for Life.
The financial education of young people is voted the initiative that most people want banks to invest in. New research by YouGov, commissioned by Lloyds Banking Group, identified that 45% of the population, increasing to half (50%) of 16-24 year olds, selected this as the initiative that they would most like to see put in place by banks. Supporting this sentiment, almost three quarters of MPs surveyed also agreed this was the key priority (71%).
Recent research by think-tank Demos, which was revealed at a series of roundtable events commissioned by Lloyds Banking Group, also reinforces the need for financial capability education, particularly at key life stages. Young people transitioning into independent living is one of those critical life stages when they need support as they face real financial responsibility for the first time.
In recognition of this, Money for Life, a three-year practical financial advice programme for young people, has launched today to inspire a generation to make the most of their money. The innovative new programme, delivered by UK Youth in partnership with The Mix, is a refreshed version of Lloyds Banking Group’s previous award-winning Money for Life programme.
From empowering young people to feel confident and start talking openly about money to providing high-quality training and crucial support systems; Money for Life equips 16-25 year olds across the UK with the knowledge, life skills and provision needed to manage their money.
The three year programme hopes to address the findings from the recent YouGov survey that showed young people asked for advice:
Helping me to understand jargon around borrowing (28%)
Helping me to understand taxes (27%)
Helping me to understand different types of bank accounts available to me (27%)
Providing good practice tips/ ideas for making my money go further (27%)
Helping me to understand different savings products/ options (26%)
How to keep track of spending (19%)
Helping me to plan for retirement (18%)
Teaching me how to compile a household budget (14%)
The refreshed Money for Life programme comprises of a new online resource hub, where young people can find expert money advice, online training, supportive forums and a crisis helpline. The programme also offers face-to-face peer education training to provide practical Money Masterclasses to young people across the UK. Finally a new savings app will launch next month that offers various tools to support financial education.