MyBnk (www.mybnk.org) is a social enterprise which delivers financial and enterprise education directly to schools and youth organisations. Through our programmes 35,000 11-25 year olds have learnt to manage their money and make enterprising decisions.

MyBnk is led by its Founder Lily Lapenna and is the first independent peer led and online youth banking scheme approved by Englands banking regulatory body, the FSA (Financial Services Authority).

Problem

MyBnk is responding to the fact that many young people are not being taught the necessary financial skills needed in life, leaving them either financially excluded or unable to deal with their personal finances effectively. In an ever tightening job market with higher tuition fees, this generation will have to make smarter financial decisions and create their own opportunities. <ul> <li>90% of adults in the UK have never received any kind of financial education.</li> <li>Financial education is not a compulsory subject in school so its delivery is sporadic throughout schools in the UK.</li> <li>In the schools where financial education is delivered, it is often static and abstract, as opposed to experiential and practical.</li> <li>Furthermore, pedagogical content is often supported by commercial banks, which arguably pursue a commercial agenda such as setting up teen bank accounts, thereby compromising the impartiality of the learning experience.</li> </ul> In terms of statistics: <ul> <li>Someone is declared bankrupt or insolvent in the UK every 4 minutes.</li> <li>Nearly half of 16 to 25 year olds name debt as their biggest fear.</li> <li>Over a quarter of the UK population has no savings.</li> <li>Britons have less than £1,850 sitting in the bank, just 1.3 times the average salary.</li> <li>1 in 20 teenagers think they don’t have to pay back credit card debt at all. </li> </ul> Against a social landscape where finance plays an increasingly important role, these statistics indicate a breakdown in the relationship between people and money, and young people are the most vulnerable, as many start their adult lives in debt. MyBnk also addresses the need for enterprise education in the UK. This is important because: <ul> <li>The UK job market is increasingly competitive, creating much uncertainty for young people’s futures</li> <li>Nearly 1 million 16-24 year olds are unemployed</li> <li>1,700 people are made redundant every day</li> </ul> Enterprise helps bring financial knowledge to life and can provide a successful route to long-term participation in the job market. It may never have been more important to inspire young people to seek out new opportunities, to be more enterprising and to fulfil their aspirations.

Solution

MyBnk provides a series of learning programmes that range from money management workshops to the first ever FSA (Financial Service Authority) approved youth led banking scheme run by young people for young people. Programmes include: <ul> <li><strong>MyBnk in a Box</strong>: Young people are trained to run their own online and onsite school bank. A safe, accessible place to save regularly and borrow interest free loans to set up enterprises.</li> <li><strong>Money Twist Key Stage 3</strong>: Arms young people with real life money skills through a series of hands on workshops. Aimed at 11-14 year olds, the three session programme can be delivered in one day or over two/three separate sessions.</li> <li><strong>Uni Dosh</strong>: A targeted two hour workshop for those about to leave school or college and considering moving onto university</li> <li><strong>Money Works</strong>: Empowers 16-25 year olds moving into independent living. This accredited three session workshop can be delivered in one day or over two/three separate sessions.</li> <li><strong>Business Battle</strong>: From drawing board to market in one week. Young people create, implement and evaluate their own business in a competitive environment using real money in a real marketplace.</li> <li><strong>Money Advice Service</strong>: A one-to-one advice service offering independent, sales and jargon-free advice on all matters relating to personal finance</li> <li><strong>Money Twist Key Stage 4</strong>: Arms young people with real life money skills through a series of hands on workshops. Aimed at 14-16 year olds, the three session programme can be delivered in one day or over two/three separate sessions.</li></ul> The high impact workshops and training that MyBnk provides help young people become empowered and confident to change the world around them. It works because: <ul> <li>Training is experiential and practical providing young people with an opportunity for deeper learning than a traditional classroom setting</li> <li>MyBnk also promotes the idea of social enterprise - that success is not just about making money, but being a force for positive change in the world.</li> </ul>

Example

MyBnk makes a difference because it caters to a very specific need for finance and enterprise education by equipping people with the skills, knowledge and confidence to effectively manage money and make enterprising decisions throughout their lives. It does this by delivering financial and enterprise education directly to schools and youth organisations.

Marketplace

UK personal debt is at a record £1.5 trillion, around £9,000 per person and 90% of the UK population have never received any form of money management lessons. Nearly a million young people are out of work. Clearly there is a need for financial education. In the last 4 years, Lily has taken MyBnk from a single pilot project to an organisation reaching over 37,000 young people. Through a social franchise model MyBnk is now expanding to have a national and international presence. Through MyBnk programmes, 35,000 11-25 year olds have learnt to manage their money and make enterprising decisions. While many banks do provide financial education to young people, they do not provide the experiential learning that MyBnk can offer. Further, they do not give young people access to small interest free loans to start their own enterprises.