MyBnk unveils its 2022/23 impact report

In today’s complex financial world, it’s more important than ever that young people have the skills and knowledge they need to make informed financial decisions. We’re dedicated to empowering young people to take charge of their financial futures, and our latest impact report demonstrates the positive impact our work is having on the lives of young people across the UK.

Since joining MyBnk, I have noticed that it’s very common that when adults hear of MyBnk and the work we do, they say “I wish I had that when I was younger”. We aim to reverse this narrative so that this generation of young people can confidently manage their money and can confidently say “I’m glad I had that when I was younger” once they’re adults.

In the year 2022/23, we’re proud to have delivered over 9000 hours of financial education sessions and supported over 37,000 young people – that’s enough to fill almost two O2 arenas in London!

Here are some figures from our report on how our programmes had an impact on children and young people’s financial knowledge:

  • 77% of 7–11-year-olds could correctly describe a wage
  • 95% of 11–14-year-olds felt they understood how adverts could influence spending
  • 87% of 16–25-year-old participants said they had a financial goal over the next 5 years

This year also saw MyBnk featuring in the press, including the Financial Times and BBC News, and saw us collaborating with a number of influencers. Our research on financial support given to UK care leavers by local authorities took centre stage in October 2022 which was then followed by and shared the spotlight with our research  with corporate partner Compare the Market on the financial education provided in UK secondary schools in May 2023.

We expanded as a charity, extending our reach across the country, including the launch of our homelessness prevention programme, The Money House, in Greater Manchester and MyBnk pilots in Wales and Northern Ireland.

None of this could have been possible without the support of our corporate funders, volunteers and schools and youth organisations. Thank you for your commitment to helping us shape a financially capable generation of young people, confident in taking control of their finances and managing their money in a way that will positively impact them in the future. I’d also like to thank all my colleagues at MyBnk for their efforts over this last year.

We look forward to working with you in 2024 and beyond.

Everyone at MyBnk would like to wish you all the very best for the holidays and a very happy New Year.

Leon Ward, CEO