Monday 21 November 2016
An innovative new savings app has been launched to help 16-25 year-olds take control of their personal finances, as part of a wider pioneering financial literacy initiative, Money for Life.
Pennies to Pounds, the latest tool launched by the Money for Life programme, which is delivered in partnership with UK Youth and The Mix and funded by Lloyds Banking Group, will help young people to create savings goals and reach them, offering daily top tips and inspiration.
It comes at a time when research by the Money Advice Service shows that 16-17 year-olds may be feel unequipped to deal with money in their adult lives, as four in ten don’t have a current account, and a third of those with a bank account have never deposited money and 18% are unable to read a bank statement correctly.
A further survey by the Money Advice Service of nearly 750 young adults identified that while 69% have financial goals, most do not have a plan to reach them. This lack of financial planning could mean that many young adults may fall short of achieving their aspirations.
Recent research by YouGov, commissioned by Lloyds Banking Group, identified that half of 16-24 year-olds selected the financial education of young people as the initiative that they would most like to see put in place by banks. Supporting this sentiment, almost three quarters of MPs surveyed also agreed this was the key priority (71%).
In response to this, the financial literacy programme was launched. In addition to the new app, Money for Life comprises an online resource hub, where young people can find expert money advice, online training, supportive forums and a crisis helpline. The programme also offers face-to-face peer education training to provide practical Money Masterclasses to young people across the UK.
David Rowsell, Head of the Money for Life Programme at Lloyds Banking Group, said: “Encouraging young people to enhance their money management skills through the Money for Life programme is core to our vision to help Britain prosper. Through working with UK Youth and The Mix we are confident that we will be able to make even more of a difference to the financial literacy of young people and communities across the UK.”
As part of Money for Life’s new social media campaign #NoReturns, which helped to launch the savings app, celebrities including dance star Ashley Banjo and Olympian Dina Asher-Smith share stories of their regrettable purchases to encourage youth to think twice about how to spend their cash. But the well-known stars aren’t alone in their cash confessions as young people take to social media to share their regrettable purchases using #NoReturns.
UK Youth’s CEO, Anna Smee said: “Young people face a difficult transition towards independent living as they start to manage money day to day and make critical financial decisions about their future. Money for Life hopes to empower young people with the knowledge, life skills and provision needed to manage their money. With many components to the programme, including a new social media campaign, #NoReturns, and an innovative savings app, Pennies to Pounds, we hope to empower young people to feel confident and start talking openly about money.”
Money for Life is one of several flagship programmes which contribute to Lloyds Banking Group’s ambition to help Britain prosper – focusing on the social and economic issues which the Group is best placed to help address.
To find out more check out www.moneyforlife.org.uk or search for Pennies to Pounds on the iOS and Android app stores, and take control of your own financial life.
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For more information contact: Sarah Failrey, Four Communications, moneyforlife@fourcommunications.com/ 020 3697 4304 Heather Scott, Lloyds Banking Group, heather.h.scott@lloydsbanking.com/ 07770 643840 Emma Roberts, UK Youth, emma.roberts@ukyouth.org / 07455 554 690
About the Money Advice Service research The Money Advice Service commissioned BMG Research to carry out a nationally representative survey of children and young people aged 4 to 17 in the UK. In total 4,958 children and young people and their parents took part in this research from March to June 2016. This included 1147 young people, and their parents aged 16-17. In 2016 the Money Advice Service published research into Young Adults’ Financial Capability based on analysis of a survey of 744 young adults aged 18-24. The full press release on this can be found here: https://www.moneyadviceservice.org.uk/en/corporate/press-release–young-adults-lack-plans-to-reach-their-financial-goals
About Money for Life Money for Life inspires a generation to make the most of their money. The innovative new campaign, 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.
Money for Life is one of several flagship programmes which contribute to Lloyds Banking Group’s ambition to help Britain prosper – focusing on the social and economic issues which the Group is best placed to help address.
Lloyds Banking Group has invested £10 million in the programme from 2010 to 2015 and has committed to investing a further £3 million over the next three years. The celebrity ambassador social media videos used to promote Money for Life can be viewed at www.moneyforlife.org.uk
About Lloyds Banking Group’s previous Money for Life programme From 2010 to 2015, Lloyds Banking Group’s previous Money for Life programme comprised of two key elements: a Challenge, which offered a thousand £500 grants to help young people understand money management, and a set of Qualifications (delivered to 4,000 people), helping those who support other young people to understand how to provide peer money management education. You can read more about Lloyds Banking Group’s previous Money for Life activities online.
About Lloyds Banking Group Lloyds Banking Group has a combined history that stretches back more than 300 years and a heritage of making a difference within its communities that spans many decades. In 2015 Lloyds Banking Group invested £64m in community programmes, including £17m to our charitable Foundations. Driven by its desire to give back to the communities in which it operates, the Group supports a wide range of ground breaking programmes.
In March 2016, the Group updated its Helping Britain Prosper Plan (the Plan), setting out three separate and significant public commitments to do even more to help address some of the big issues facing and the people, businesses and communities of Britain today.
To find out more about Lloyds Banking Group’s commitment to Help Britain Prosper, please visit www.lloydsbankinggroup.com/ProsperPlan
About UK Youth UK Youth is the largest national body for the youth sector, delivering informal education opportunities for young people aged 9-25 years old across the UK. Our Vision is for every young person to become a positive force for change in their own life, and the lives of others, whatever their background or circumstance. We achieve this through innovative national training programmes, awards and outdoor learning activities.
Through our network of youth development organisations in England, Scotland, Wales and Northern Ireland we empower over 700,000 young people to make a successful transition from childhood to adulthood with the capabilities they need to become happy, healthy, valued members of the community, fully equipped to access employment and achieve their aspirations. To find out more about UK Youth please visit www.ukyouth.org
About The Mix The Mix is a free, confidential information and support service for under 25s, helping over 2 million young people in the UK each year.
Whatever issue a young person is facing, The Mix is always there for them - online, over the phone or via social media. It connects young people to experts and their peers to talk about everything from money to mental health, from homelessness to jobs, from break-ups to drugs.
Today’s young people face an unprecedented range of challenges. They are possibly the first generation worse off in physical and emotional terms than their parents. The Mix’s mission is to ensure that every young person can make informed choice about their wellbeing – wherever and whenever they are: www.themix.org.uk
