Our story

Positive financial habits are essential to living independently. Discover why and how we help young people take control of their future by bringing money to life

Why we do it?

Everyone needs to be able to manage their money, it is just common sense.

But for young people the inability to do so has serious consequences. For them, it is easier to fall into debt, be scammed, make uninformed decisions and establish bad money habits.

Half worry they will never be financially stable, a quarter of children live in poverty and a decade of austerity has seen theme face the growing gig economy, higher rents and increased personal responsibility with less security. The benefits of a meaningful financial education are evident but there remains significant gaps in relevant, effective and evaluated provision.

Today, having key money management skills and positive financial habits is essential to live independently.

Need for Financial Education

Young people engage with money from an ever earlier age but face a financially challenging future.

When MyBnk started in 2007, just 10% of UK adults had received any form of financial education. Today, 52% of students do. In 2011 we joined others and successfully campaigned for money lessons to become part of England’s national curriculum, from Year 7 to GCSE level.

Although there is wide advocacy for financial education, there remains substantial gaps in relevant, effective and evaluated provision, especially at scale.

With timetabling pressures, the absence of extra funding and limited specialist training, evidence and experience tells us schools are struggling to deliver impactful lessons. Moreover, students in primary schools, academies, sixth forms, colleges and free and independent schools are not required to be taught money skills. This is against a backdrop where 39% of teachers feel financial education, as it is currently taught, will make no difference to how young people see monetary issues (Nationwide).

How We Do It

Budgeting, costing structures, taxes – they can be… well, boring!

That is why our mission is to bring financial education and enterprise to life for young people. Our motto is: “Every young person must be wowed!”

MyBnk takes a holistic approach to education, using real life case studies, colourful resources, games, videos and links to popular culture to bring money to life. Sessions challenge negative financial attitudes and build self-belief. We cater for audio, visual and kinaesthetic learners with many extensions and  ability variations.

Using real life case studies, colourful resources, games, videos and links to popular culture, we enable young people to gain practical skills like budgeting and explore and form their own opinions regarding their relationship with money and enterprise.

We are often a young person’s first exposure to these topics and we know first impressions last – this is why we build programmes with young people themselves, through our Youth Advisory Panel.

 

Quality & Training

MyBnk strives to develop and deliver educational programmes that ‘wow’ and ‘delight’ young people.

We convey appropriate learning in an exciting way, leaving them with a positive memorable experience and a desire to learn more about money beyond the ‘classroom’.

If you do something you might as well do it properly. This is more true than ever when looking at important topics such as finance, business and employability. That is why we employ full-time paid professionals with a background of working with young people.

 

Out of mainstream education

Our out of school approach shifts, especially when working with young people in vulnerable circumstances.

Some of these young people have low self-confidence around money management, so our programmes contain a strong element of challenging negative attitudes, building self-belief and aspirations to move forward financially.

Our History

From working in education in Zimbabwe and Brac in Bangladesh, inspired by Grameen Bank microfinance, and with help from fellow entrepreneurs – the story of MyBnk starts with our founder Lily Lapenna.

Our founder, former CEO and current Chair of Trustees has a background in international development in Africa and Asia. She saw how a small loan can unleash potential, give way to enterprise, better money skills and self-sufficiency.

MyBnk - Our Story - Financial Education - Lily Lapenna

Annual Report

In 2018/19, we had the privilege of working directly with 32,000 young people across the youth sector.

In that time we delivered a record 6,600 hours of education in 264 schools and youth groups to 32,000 young people, an increase of 7%.

This year, for the first time, our work with young adults in vulnerable circumstances exceeded school children, consolidating us as the leader in this specialised field.

Growing concerns on the effects of new forms of debt, money muling and gambling, saw us deepen our knowledge and revamp interventions to help young people protect themselves from financial harm and exploitation.

Continued independent evaluation proved MyBnk programme participants develop positive money behaviours that last: they start to save, reduce debts and avoid eviction.