New research identified that 45 per cent of the population, increasing to half 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.
Other recent research 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 recent findings that showed young people asked for advice on understanding jargon around borrowing, as well as the different types of bank accounts available to them. 27 per cent want help to understand taxes and 26 per cent want help to understand different savings products/options.
The programme, which was co-created with young people, has already received support from various celebrities, including: Ashley Banjo – Diversity, Trevor Nelson – BBC Radio 1 & 2, Dina Asher-Smith – Rio 2016 medalist, and JJ Hamblett – Union J.
Ashley Banjo, lead dancer of Diversity, said: “I would have loved for there to have been a rule book or a guide to say to me ‘this is the way to look after your money’, so when I started to achieve success in my career I was ready for it.”
David Rowsell, Head of the Money for Life Programme at Lloyds Banking Group, said: “Encouraging young people to enhance their money management skills through the Money for Life programme is core to our vision to help Britain prosper. Through working with UK Youth and The Mix we are confident that we will be able to make even more of a difference to the financial literacy of young people and communities across the UK.”
Anna Smee, CEO, UK Youth, said: “By putting young people at the heart of the programme’s design and delivery, Money for Life delivers inspiring on and offline activities to develop confidence and skills around financial management.”
