Half of young Brits want more financial education from banks

    • 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.

     

    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). The well-known faces appear in a new video campaign released today on @MoneyForLifeUK’s social media channels.

     

    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. Money for Life is a great way to make the most of your money, whether you’re starting out or you’re already on your own career path.”

     

    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: "The recent  YouGov and Demos research showcases a real need for programmes like Money for Life. Among many findings, the Demos research demonstrated the important role of third-sector organisations to help engage people who are financially excluded and would otherwise be hard to reach.

     

    “This exciting three year programme between UK Youth, The Mix and Lloyds Banking Group will enable us to engage thousands of young people across the UK and empower them with good money management skills while supporting them across their social development journey to help them positively transition into adulthood. 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.”

     

    Money for Life is one of several flagship programmes which contribute to Lloyds Banking Group’s ambition to help Britain prosper – focusing on the social and economic issues which the Group is best placed to help address.

     

    For more information about Money for Life, visit: www.moneyforlife.org.uk and @MoneyForLifeUK on Facebook, Twitter and Instagram.

     

    // ENDS

     

    For more information contact:

    Catherine Eastham, Four Communications, moneyforlife@fourcommunications.com/ 020 3697 4304

    Or, Heather Scott, Lloyds Banking Group, heather.h.scott@lloydsbanking.com/ 07770 643840 

     

    Emma Roberts, UK Youth, emma.roberts@ukyouth.org / 07455 554 690

     

    All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 2,109 adults. Fieldwork was undertaken between 22nd - 26th April 2016. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

     

    About Money for Life

    Money for Life inspires a generation to make the most of their money. The innovative new campaign, 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.

     

    Money for Life is one of several flagship programmes which contribute to Lloyds Banking Group’s ambition to help Britain prosper – focusing on the social and economic issues which the Group is best placed to help address.

     

    Lloyds Banking Group has invested £10 million in the programme from 2010 to 2015 and has committed to investing a further £3 million over the next three years. The celebrity ambassador social media videos used to promote Money for Life can be viewed at www.moneyforlife.org.uk

     

    About Lloyds Banking Group’s previous Money for Life programme

    From 2010 to 2015, Lloyds Banking Group’s previous Money for Life programme comprised of two key elements: a Challenge, which offered a thousand £500 grants to help young people understand money management, and a set of Qualifications (delivered to 4,000 people), helping those who support other young people to understand how to provide peer money management education.

    You can read more about Lloyds Banking Group’s previous Money for Life activities online

     

    About Lloyds Banking Group

    Lloyds Banking Group has a combined history that stretches back more than 300 years and a heritage of making a difference within its communities that spans many decades. In 2015 Lloyds Banking Group invested £64m in community programmes, including £17m to our charitable Foundations. Driven by its desire to give back to the communities in which it operates, the Group supports a wide range of ground breaking programmes.

     

    In March 2016, the Group updated its Helping Britain Prosper Plan (the Plan), setting out three separate and significant public commitments to do even more to help address some of the big issues facing and the people, businesses and communities of Britain today.

     

    To find out more about Lloyds Banking Group’s commitment to Help Britain Prosper, please visit www.lloydsbankinggroup.com/ProsperPlan 

     

    About UK Youth

    UK Youth is the largest national body for the youth sector, delivering informal education opportunities for young people aged 9-25 years old across the UK. Our Vision is for every young person to become a positive force for change in their own life, and the lives of others, whatever their background or circumstance. We achieve this through innovative national training programmes, awards and outdoor learning activities.

     

    Through our network of youth development organisations in England, Scotland, Wales and Northern Ireland we empower over 700,000 young people to make a successful transition from childhood to adulthood with the capabilities they need to become happy, healthy, valued members of the community, fully equipped to access employment and achieve their aspirations.

    To find out more about UK Youth please visit www.ukyouth.org 

     

    About The Mix

    The Mix is a free, confidential information and support service for under 25s, helping over 2 million young people in the UK each year.

     

    Whatever issue a young person is facing, The Mix is always there for them - online, over the phone or via social media. It connects young people to experts and their peers to talk about everything from money to mental health, from homelessness to jobs, from break-ups to drugs.

     

    Today’s young people face an unprecedented range of challenges. They are possibly the first generation worse off in physical and emotional terms than their parents.  The Mix’s mission is to ensure that every young person can make informed choice about their wellbeing – wherever and whenever they are:   www.themix.org.uk 

     

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