In the spring of 2016 five charities were put forward by members of our Livery for the new Major Project Award. Trustees, then carried out due diligence visits to each.
A short list of three were invited to make presentations to a panel of Trustees chaired by the then Junior Warden, John Cardnell, and as a result the Trustees agreed that the Open University’s ‘Managing My Money: Youth’ project should receive the Charity’s second Major Project Award over the three year period 2017-2019. The total award amounts to £250,000.
The free and innovative online financial management course focusses on young peoples’ financial education needs. It was successfully launched on 3rd November 2017 and is being promoted nationally by the OU.
The course is primarily targeted at 16 to 18 year olds who are reaching the threshold of financial independence – although the content is also of substantial use to those who have left school and gone on to university or into employment.
This exciting, free and innovative online training resource for young people has been wholly sponsored by our Charity and delivered by the Open University Business School’s True Potential PUFin centre, led by Martin Upton, its Director. Even in its first few months, feedback from users indicates that it has been very well received.
When the Trustees announced that the Charity would change its funding strategy so as to support a single project with a larger sum and over a longer period, several Liverymen came forward with interesting proposals, all of which were considered in depth. It was discovered that MyBnk, proposed by Liveryman David Sayer, fitted all the criteria required to be worthy of support.
The Charity has always strongly supported projects aimed at younger people and encouraging numeracy and literacy; MyBnk takes its teaching programmes into classrooms to address pupils face-to-face.
After research and due diligence, the Money Twist programme was selected for support. This helps Key Stage 3, 4 and 5 pupils learn about money management, budgeting and banking – they start to think and care about money and to understand the difference between need and want.
The Trustees and some Court members attended classes and were impressed by the pupils’ response to the style of teaching and the content of MyBnk’s learning materials.
The award granted £200,000 over three years to MyBnk. This directly supported over 15,000 young people in Greater London and the West Country, equipping them with real-life money skills through a series of hands-on workshops.
These were delivered in areas where funding could not be afforded by schools, notwithstanding that financial literacy is now a component of the National Curriculum.
At the close of this funding project, MyBnk celebrated its 10th birthday and continues to expand its work in universities and prisons, where young people still demonstrate a lack of understanding of financial management and debt.
We greatly enjoyed our partnership with MyBnk and will continue to share their news over years to come.