Caroline Nokes MP urged Hampshire teachers and youth groups to take advantage of free money skills programmes for young people in a visit to Mountbatten Secondary School.
The Romsey and Southampton North MP joined Year 11 students taking part in our ‘Money Twist’ financial education programme that teaches young people how to manage their money.
Since April, nearly a thousand 11-25 year olds have learnt how to budget, bank and borrow thanks to workshops by the charity MyBnk and supported by local-employers, Old Mutual Wealth.
The Department for Work & Pensions Minister joined a series of sessions as children tackled topics including budgeting, investments, and income and expenditure. Spending demotivators, decoding payslips and risk management were some of the activities included.
Caroline Nokes MP called the collaboration a “fantastic initiative” and urged youth organisations to “take advantage of this free and crucial project”. Financial education is a “vital life skill” she added and that she had “seen first-hand how young people positively respond to this message.”
“It is important that all young people understand finance from an early age” said Heather McIlroy, Executive Headteacher, Mountbatten School and that thanks to MyBnk and Old Mutual Wealth “every one of our pupils will have a head start on managing their money.”
The Hampshire region is one of the UK’s most indebted areas, adding £359m to the nation’s £1.45 trillion debt mountain. Its wards are also ranked within the most deprived 20% in the country.
Guy Rigden, CEO, MyBnk told guests that “managing money well opens up new opportunities and when it comes to debt, prevention is always cheaper than the cure. In our first year on the south coast we have helped nearly 1,000 young people learn to budget, bank and save.”
“Our work with MyBnk is helping ensure young people make wise spending decisions so they can live more prosperous lives” said Jane Goodland, Responsible Business Director, Old Mutual Wealth. Adding that “Caroline has seen how collaboration between grassroots charities and local employers can make a powerful impact on the frontline.”
The government’s Money Advice Service has given MyBnk’s project for young people the UK’s highest effectiveness rating.
Before the school year is out, all 1,400 students at The Mountbatten School will have taken part in a MyBnk workshop! The sessions are available for all secondary schools and youth organisations in the Hampshire region.