MyBnk is deeply involved in wider efforts to address social economic issues effecting young people - be it financial exclusion, youth unemployment or the care system.
MyBnk shares our frontline impact data and expertise through:
- All Party Parliamentary Groups (APPG) and campaign groups.
- Evidence submissions, responding to reports, contributing to studies and consultations.
- Independent impact assessments of MyBnk programmes.
- Membership of the Youth Financial Capability Group, a representative body of financial education providers.
- Meeting regularly with the Money Advice Service, including serving on committees related to the UK Financial Capability Strategy.
- Membership of the Consumer Advisory Board of UK Finance, held by CEO Guy Rigden.
MyBnk has responded to the UK’s Financial Conduct Authority Call for Input considering systemic issues that need to be fixed in the consumer investment market.
Our contribution relates to the positive and proven impactful role of financial education in helping young people make informed decisions and boost financial literacy.
Data analysis of MyBnk programme shows young UK females lack financial confidence and suffer poor mental health due to money troubles.
Our teams have crunched the data on 3,700 11-25 year olds taking part in our money programmes, in-and-out of schools, over a year.
MyBnk found nearly half of girls (43%) were not financially confident, 18% less so than boys. And 10% more of young women suffered anxiety and depression about money than their male counterparts. Full story here.
APPG Financial Education for Children in Care Report 09/07/19
A report has been published on the quality and reach of financial education for young people in and leaving the UK care system. It makes a range of recommendations including better money lessons in mainstream and non-mainstream schools, more funding for local authorities and a ‘one-stop-shop’ for the financial education of care leavers. It recommends financial services support the work of organisations like MyBnk.
Money & Pensions Service (MaPS): Listening Document – 25/06/19
MyBnk has responded to MaPS Listening Document which outlines what the new national financial capability body sees at its role, needs assessments and priorities. See an executive summary of that document here and our response here.
London Children in Care & Partnership for Young London – Social Action Research Report – 30/05/19
A report written by care leavers cites money management as a priority for provision and support. Our youth homelessness prevention scheme, The Money House, features prominently.
A key recommendation: “All boroughs to provide MyBnk or similar money management course designed around the needs of care experienced young people to prepare for independent living”. See the full report here.
Ofsted Inspection Framework Consultation – 14/05/19
MyBnk has submitted evidence on changes to the inspection criteria for schools in England. This includes reference to the role financial capability plays in the overall quality of education and recommendation that it be brought more explicitly into the inspection framework.
Department for Education Consultation: Changes to the teaching of Sex & Relationship Education and PSHE 13/02/18
MyBnk has responded to a consultation examining what and how schools teach topics within PSHE in England.
London Assembly – Economy Committee – Short changed 08/01/18
An investigation into the financial health of Londoners has made a number of recommendations to the Mayor of London’s office. It called for more work with schools, charities and the financial services industry to deliver high quality financial education for young people. MyBnk gave both written and oral evidence to the consultation regarding youth financial capability.
See MyBnk’s response, here.
APPG for Ending Homelessness – Homelessness Prevention Report 18/07/17
MyBnk’s youth homelessness prevention project, The Money House, featured as a case study in this leading report. There was a clear recommendation that council’s ensure young care leavers have access to effective financial education.
House of Lords – Financial Exclusion Committee 23/05/17
MyBnk has given written and oral evidence to a study into the causes and solutions to financial exclusion in the UK. The report’s recommendations include making financial education compulsory for primary school pupils and that the Ofsted Common Inspection Framework should include how schools address financial literacy.
Children’s Society – The cost of being care-free – Financial Education and Care Leavers 08/06/16
MyBnk has contributed to a report examining the scale and quality of money lessons for young people leaving the care system. Participants of our Money Works sessions took part in a focus group and we supplied case studies of how our specialised sessions helped in the transition to independent living. Its key recommendations is that local authorities should provide financial education – MyBnk works in partnership with score of councils to do just that.
See the report, here.
Work & Pensions Committee – Inquiry: Support for ex-offenders 22/04/16
MyBnk has supplied evidence to a House of Commons Select Committee regarding our financial education work with young offenders and ex-offenders in England. This includes impact statistics and unique case studies.
See the evidence, here.
Money Advice Service – 2016/17 Business Plan Consultation 15/02/16.
MyBnk has commented on the proposed 2016/17 Business Plan for the Money Advice Service. This includes our concerns of striking a balance between their three competing categories of need, that financial capability is being recast as financial resilience and the narrow scope of their financial education’s effectiveness testing.
See our response, here.
APPG on Financial Education for Young People – Effectiveness of Financial Education in Schools Inquiry 22/01/16.
MyBnk has submitted our response to a call for evidence, investigating the performance of money lessons in national curriculum. We report our findings, experiences and recommendations from working on the frontline.
See summary here, our response to the findings, here and our evidence, here.
HM Treasury – Public Financial Guidance Consultation 22/12/15
MyBnk has commented on HM Treasury’s consultation on Public Finance Guidance. We iterate that the strategic lead on consumer education and information provision relating to personal finance must be maintained in any statutory body.
See the full document, here.
Financial Conduct Authority & HM Treasury – Financial Advice Market Review Consultation 12/10/15.
MyBnk has commented on the Financial Conduct Authority’s review of financial advice. We suggest that the advice gap cannot and should not be met only by making it cheaper for regulated advisers to provide services, that a greater emphasis should be on the much larger group of the population who have limited assets and using less jargon.
See the full document, here.
Department for Education – Reformed GCSE subject content consultation, citizenship 18/03/15.
MyBnk has joined leading charities expressing concern at the absence of financial education in the testing requirements for GCSE Citizenship. See the news piece here and the letter to Nick Gibb Schools Minister, here.
Money Advice Service – Financial Capability Strategy for the UK – 24/10/14.
HM Treasury – Review of the Money Advice Service – 01/09/14.
MyBnk has responded to the call for evidence regarding the Money Advice Service.
Centre for Social Justice – Restoring the Balance: The think tank’s report strongly recommends expert-led provision of financial education in schools – 16/07/14.
MyBnk’s work was featured as a leading case study which also included quotes by our Interim CEO Guy Rigden.
The Programme for International Student Assessment (PISA) report into Financial Literacy Skills for the 21st C, Students and Money – 09/07/14.
PISA is the most rigorous, in-depth, comprehensive and international survey of worldwide financial skills ever seen. MyBnk respond with our thoughts on the limits and opportunities the test presents.
The Education Select Committee inquiry into PSHE in schools – 22/06/13.
MyBnk has responded to the Education Committee’s inquiry into Personal, Social, Health and Economic (PSHE) education in schools. It has been noted by the inquiry that there is room for improvement of the level of Finance Education provided as part of PSHE and elsewhere in the National Curriculum.
The Financial Education and Inclusion (Wales) Bill – 28/04/14.
MyBnk has responded to the Welsh consultation on boosting the status of financial education. There, the subject has been a compulsory element of the National Curriculum for a number of years – the same happens for England in September 2014.
British Youth Council – Life Skills in the Curriculum Inquiry – 28/10/13.
MyBnk has submitted evidence to a study by the Youth Select Committee examining how life skills, like money management, are taught at schools, please find our thoughts, here.
Department for Education National Curriculum Review – 30/09/13.
MyBnk has commented on the final proposals which makes financial education a compulsory part of the secondary curriculum in Citizenship and Maths. Head to our National Curriculum section for full teacher briefings, mapping and our formal response.
APPG Financial Education for Young People – Vulnerable Young People Inquiry – 29/09/13.
Personal Social Health Economic Education, DfE & Ofsted Reviews – 01/05/13.
MyBnk has responded to both of these reviews into effectiveness and placing of PSHE in the curriculum, please find our thoughts, here.
Centre for Social Justice: Economic Dependency & Worklessness Study – 01/03/13.
MyBnk has provided evidence to the CSJ, a leading policy think tank.
Response to APPG report on financial education in schools.
This report by the APPG on Financial Education for Young People, reviews the need and provision of finance education in UK primary and secondary schools. Its recommendations have been submitted to the government’s national curriculum and the PSHE reviews. MyBnk’s Response. MyBnk APPG Report Evidence Submission. Executive Summary Report here.
Response to consultation on Money Advice Service Business Plan 2014/15
Response to consultation for the DCSF Inquiry into young people not in education, employment or training.
This report is a response to the Department for Children, Schools and Families’ call for an inquiry into young people not in education, employment or training. DSCF Inquiry Response.
MyBnk are members of APPGs on:
- Financial Education for Young People.
- Leaving Care and Looked After Children.
- Civil Society & Volunteering.
- Youth Affairs.
- Banking Reform.
- Debt & Personal Finance.
MyBnk is also a member of: The Independent Taskforce on Student Finance.
Volans report, The Future Quotient on 50 Stars of Seriously Long-Term Innovation.
This report aims to explore innovations designed by individuals in business that have the capacity to create value in the long-term. Lily Lapenna is cited by Volans as one of their 50 ‘stars’ of business sustainability. Report here.
Educational Deficit – the financial education needs of young people in Brighton and Hove.
MyBnk & The Aldridge Foundation undertook a research project to examine the financial education needs of young people in the Brighton & Hove area. This report aims to bring the experiences and the recommendations of this sample of young people into future dialogue about financial education provision in the Brighton and Hove area.
Needs Assessment Research – Foyer Accommodation.
This report reviews the need for financial education of young people living in Foyers. Foyers provide Foyers are integrated learning and accommodation centres providing safe and secure housing, support and training for young people aged 16 – 25. MyBnk Needs Assessment Research.
"Save money, and money will save you!"
"If money is the sea, learn to ride the waves".