Sixth formers receive lessons about managing their money
Burlington Danes Academy has teamed up with education social enterprise MyBnk to invest in pre-university money management lessons for students in Year 13, as part of a major financial literacy drive benefiting thousands of young people across London.
The specialist ARK academy has teamed up with social enterprise MyBnk to help prepare their students for education at college or university and ultimately to make the move into independent living, taking the pressure off the bank of mum and dad.
Thirty sixth-formers at the Wood Lane school were the latest to benefit, tackling the myths around student finances through activities, debates and quizzes in "Uni Dosh" workshops.
" I didn’t know how maintenance grants worked before. I was shocked to hear how much you have to pay back at the end. I think I’ll stay at home while I’m doing my foundation degree," said Joshua Nwator, 17.
Getting to grips with bursaries, loans and overdrafts, as well as essential budgeting and banking techniques, 93% of the students claimed that thanks to the workshop they felt better equipped to handle their finances through their degrees.
" It covered a lot of subjects that I wish I was told when I went to university!" said Ms. Loveday, health and social care teacher at the academy, adding, " A lot of the students are relying on parents paying for their further education, so it’s good for them to learn about alternative finance options, such as bursaries and scholarships."
William Morris sixth-formers will be the next Hammersmith & Fulham students to be armed with the skills, knowledge and confidence to deal with their money effectively, running Uni Dosh courses alongside other financial education programmes.
Boosting the UK’s financial literacy is high on the agenda: last month saw the forming of the House of Commons’ largest ever All Party Parliamentary Group on Financial Education with 219 MPs on board.
"A shocking 90% of UK adults have never had any formal financial education," says MyBnk founder, Lily Lapenna. "“We are thrilled at this fantastic opportunity in Hammersmith and Fulham to begin forging a real generational shift in attitudes towards money, and to start building an enterprise economy."
In four years, nearly 30,000 young people in over 170 schools, YMCAs and Connexions units across 28 London boroughs have had their first financial education and enterprise experience with MyBnk.
April 6, 2011
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