This guest blog comes from Lloyds Banking Group and focusses on how they’re using their revamped Money for Life program to improve the financial capability of younger people.
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Recent research points to an increasing need to improve the financial capability of the population, but especially that of young adults. The Financial Capability Survey, produced by the Money Advice Service (MAS), confirmed that young adults typically display lower levels of financial capability than older age groups. The research showed that 18-24 year olds report lower levels of confidence in their financial capability than the wider adult population with only 28% of 18 – 21 year olds expressing a high confidence in choosing financial products.
Data findings from YouGov and Demos, commissioned by Lloyds Banking Group, also reinforce the need for the financial education of young adults, with 50% of 16-24 year olds voting the financial education of young people as the initiative that most people want banks to invest in.
A lack of experience of financial services can leave young adults vulnerable, yet many banks report they find it difficult to engage young adults on making important financial decisions. So Lloyds Banking Group has decided to respond to this as core to its vision to help Britain prosper.
A year since the release of the Financial Capability Strategy, Money for Life, a three-year practical financial advice programme for young people, has launched to inspire this generation to make the most of their money. The innovative new programme which was co-created by young people and delivered by UK Youth in partnership with The Mix, is a refreshed version of Lloyds Banking Group’s previous award-winning Money for Life programme and aims to empower young people to feel confident and start talking openly about money. It will provide high-quality training and crucial support systems; equipping 16-25 year olds across the UK with the knowledge, life skills and provision needed to manage their money.
The first programme of its kind since the Financial Capability Strategy was launched, Money for Life comprises of a new online resource hub, where young people can find expert money advice, online training, supportive forums and a crisis helpline; face-to-face peer education training to provide practical Money Masterclasses to young people across the UK; and a new savings app that offers various tools to support financial education.
Lloyds Banking Group ensured that MAS was involved with the development of this programme from the very beginning. As well as having a place on the selection panel to choose the supplier, they have advised on the evaluation approach and content. Moreover, Lloyds Banking Group has committed to adhering to the MAS IMPACT principles, and has developed its content aligned to the relevant financial capability frameworks.
As part of Financial Capability Week, Lloyds Banking Group will be attending the Financial Capability conference on Thursday 17 November to spread the word about Money for Life. To find out more come along and meet the team or visit: www.moneyforlife.org.uk and @MoneyForLifeUK on Facebook, Twitter and Instagram.