The Quilter Foundation is pleased to announce a renewed and expanded partnership with financial education charity MyBnk and will help fund its programmes for the next three years.
The renewed commitment will see The Quilter Foundation and MyBnk provide financial education to over 9,000 young people, aged 7-25, in Southampton and London.
MyBnk and The Quilter Foundation have collaborated since 2016 and will continue to deliver financial education programmes for children aged 11-18 in schools and colleges in areas that may have children who have low financial capability or are from disadvantaged backgrounds. With the expansion of this partnership seeing increased reach to younger children aged 7-11. Joint research has shown that “children with low financial literacy scores tend to come from poorer areas. These children also benefit the most from expert-led intervention – their financial knowledge, skills and savings rising by 56% as opposed to an average of 7% nationwide as a result of money lessons”.
In addition, the partnership will also help deliver two programme which are aimed at providing survival money skills to over 1,200 vulnerable young people aged 16-25. Support will continue for the Money Works programme and there will be new support of MyBnk’s homelessness prevention programme, The Money House.
The Money House, is an award-winning initiative aimed at preventing homelessness amongst young people leaving the care system. One third of care leavers became homeless within the first two years of leaving care yet only 1% of The Money House graduates have ever been evicted.
The second young adults programme, Money Works, will benefit from continued funding. This programme is delivered to young people not in employment, education, or training who could benefit from financial education.
All programmes will be provided by MyBnk’s expert trainers and will be aided by volunteers from Quilter plc.
Together MyBnk and The Quilter Foundation, will create a multi-year programme that will bring communities together and help build a movement to change the futures for thousands of young people across the UK.
Stewart Perry, head of responsible business at Quilter says:
“I am thrilled to announce our continued partnership with MyBnk. We are proud to continue to be a part of creating sustainable and systematic change through ‘best in class’ financial education. We recognise that to bring about change and truly impact the next generation we need to fix low financial capability, particularly amongst the most disadvantaged, and give children the tools to manage their money effectively.
“The nation is still coping with the economic impact of the pandemic and young people, particularly the most vulnerable, are likely to continue to disproportionately bear the brunt of this. Therefore, now is the time to be ploughing our efforts into ensuring this generation have the knowledge to ensure they don’t make costly financial mistakes and achieve financial wellbeing.
“It is apt that we’re launching this during Talk Money Week, as it is critical that young people feel they can talk openly and feel empowered to engage with their finances.”
Guy Rigden, CEO, MyBnk adds:
“We know that money habits are formed at primary school age and that young adults are facing a series of unprecedented economic pressures. This partnership will ensure young people receive a meaningful financial education to help them start saving and living independently”.
