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.

For young people in the most vulnerable circumstances this can be as simple as knowing how to budget for a weekly shop and as crucial as making the rent to avoid eviction.

Youth unemployment stalks Europe and the traditional routes to employment are changing. This generation will have to make smarter financial decisions and create their own opportunities.

Need for Financial Education

MyBnk - Our Story - Financial Education - The NeedYoung 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 41% of students do after MyBnk joined others in 2011 to successfully campaign and get money lessons on to England’s national curriculum, from Year 7 to GCSE.

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, 50% of students in 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).

Need for Enterprise Education

Youth unemployment and long-term joblessness is still stubbornly high.

Record numbers of young people are starting their own business, yet fewer than 4% go on to create a company that pays a wage or makes a profit (RBS).

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.

 

Quality & Training

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

We want to conveying 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.

MyBnk’s founder, Lily Lapenna, 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.

Annual Report

In 2017/18, we had the privilege of working directly with 33,458 young people across the youth sector.

In that time we have delivered 6,108 hours of face-to-face training through 287 hosts in 62 local authorities nationwide.

Major independent evaluations have proven MyBnk’s participants develop positive money behaviours, start to save, reduce debts and avoid eviction.

New partnerships saw us teach students how to cope with money at university and help primary school pupils connect energy efficiency with money management.