Innovation Exchange

What is the problem you are working to solve?
Young people are not receiving the vital financial literacy education they need to have every chance of succeeding in a modern society. As financial services become increasingly complex, young people face an increasingly high chance of becoming financially excluded. The problem is evident when considered that 91% of UK adults have never received any training on financial management, and a staggering 800,000 young people in a recent survey thought that an ISA was an ipod accessory.

How are you going to do it?
By learning about responsible saving and borrowing, young people are better equipped to avoid accumulating a spiralling debt burden early in life. MyBnk creates opportunities for students to make informed decisions about financial services and to engage with the banking system so it works for rather than against them. Providing young people with the chance to have a hands-on experience in managing money, the ‘MyBnk-in-a-box’ programme is the first ever FSA approved youth led mini-bank. Developing and extending opportunities throughout the UK, young people will be given the experience and responsibility of running their own financial service, increasing their awareness and understanding of money management issues.

Who will benefit?
Young people will benefit from a learning experience that develops their key financial literacy skills in an accessible, fun and youth friendly way. Moreover the programme increases young people’s confidence, responsibility and attitudes towards commitment, which reflects in many other areas of their lives. As society faces increasingly uncertain financial times, improving young people’s attitudes and awareness towards financial issues will play an important role in our collective future.