MyBnk

In May and June 2009 MyBnk conducted qualitative research with young people in Brighton and Hove on behalf of The Aldridge Foundation to assess the financial education needs of the young people in the area.

The research found that some of the most disadvantaged young people are missing out on vital money management training that could save them from a life of debt.

Despite the Government's plans to make personal money management a compulsory part of school PHSE lessons from January 2010, the report warns that young people who are not in education, employment or training will continue to miss out and urges the Government to target them too.

The research found that many young people do not have access to personal finance education, but ask for it, and young people lack the necessary knowledge and support to manage their money effectively at the transitional periods of their lives.  A number of individuals claimed that if they had been given personal financial education earlier, then they would have aspired to greater educational goals.

Rod Aldridge believes, “it’s particularly fundamental that young people understand numbers and the implications of saving up for things with banks, accepting loans and running homes. Ultimately it has got to start somewhere and the classroom is a good place for that.  If you don’t have that understanding it becomes quite difficult because to get into debt is a major issue.”

MyBnk is an education charity working with young people to build the knowledge, skills and confidence to manage their money effectively and make enterprising choices throughout their lives. All of their programmes develop young people’s finance and enterprise capability through fun and interactive activities which put young people at their heart.

  Download the report here.