Money for Life relaunch

Money for Life relaunches

This week sees the re-launch and refresh of Money for Life, a three year programme which looks to equip 16-25 year olds across the UK with the knowledge, life skills and provision needed to manage their money.

We have always understood that when people, businesses and communities across Britain prosper, so do we, which is why doing business responsibly is integral to both our Group strategy and our purpose. We help communities to prosper through our core products and services, but over and above these through our Helping Britain Prosper Plan which sets out a number of public commitments including addressing inequality, supporting disadvantaged people and championing Britain’s diversity.

We run and sponsor a number of community investment programmes falling under three core areas: education, employability and enterprise. The revitalised Group funded Money for Life programme is run by UK Youth and The Mix.

Through working with UK Youth and YouthNet 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.

David Rowsell, Education & Financial Education Lead, Responsible Business, Lloyds Banking Group

Where it all began

We originally launched the first Money for Life programme back in 2010 to give people access to the skills they need to manage their money more effectively.

The main catalyst behind the programme was the economic crisis of 2008-2009 which highlighted the impact that a lack of financial education was having on the British population. In the wake of the crisis, as the UK aimed for recovery, the Government turned to the UK’s banks to ask them to invest in financial education.

Lloyds Banking Group focused on the Further Education sector where we initially developed a number of qualifications to help tutors, youth workers and others to be able to deliver financial education on the front line. Although these were successful, there was a need for the newly qualified Money for Life graduates to find fun and creative projects through which to teach financial education.

Soon after, we provided funding to CollegesWales, a national organisation representing 14 further education colleges and institutions in Wales, to enable groups of students to set up money management projects in their communities. From there, with the support of our UK partners communities all across the UK were supported by the programme, stretching from Cornwall to the Scottish Highlands.

I could not be more proud of what the Money for Life programme has achieved. I have been absolutely blown away by the stories I have heard of young people who thought they didn’t have much to contribute to society turning into superstars and becoming the most amazing and inspiring role models.

Sarah Porretta, Founder of the Money for Life Programme, Head of Vulnerability, Financial Inclusion and Education, Lloyds Banking Group

The Challenge

Between 2010 and 2015, the main element of the Money for Life programme was ‘The Challenge’ aimed at helping young people understand money management through running their own project.

Every year, the pinnacle of The Challenge was the National and UK Grand Finals where the finalist teams were asked to showcase their projects in front of a judging panel and guests.

Guests were encouraged to vote for the project that they felt was the most impactful and inspirational. Over the years there has been a huge array of projects, focusing on a variety of different areas from independent living to pensions.

Three students were the Wales National Finalists in 2015 after they spotted a gap in the market for fashionable clothes for teenagers in charity shops. Their solution was to develop a project working with their local Tenovus Cancer Care store to create a teen section.

After branding themselves as C-Bank, they conducted a donation drive to inspire more young people to donate to charity shops and organised promotions in the local area to encourage more teenagers and young adults to shop in them.

Within a month of adding a line of teenage clothes, the shop’s monthly sales increased by 8%. They calculated that the C-Bank items were being sold at approximately 10% of their original selling price and worked out that they had saved the people of Maesteg £2,304 in just one month.

The Money for Life Challenge supported over 1,000 projects over its lifespan with six subsequently awarded a Legacy Grant to continue their projects and make a longer lasting impact on their community. Furthermore, nearly 4,000 learners have been accredited across the Teach Others and Money Mentors qualifications.

I am very pleased at what we have achieved. I have gained a lot of skills and I am a more confident person. I now believe that if I put effort into a task it can be achieved. I never had this attitude before.

Jamie Thomas, 2015 Winner of The Money for Life Challenge

An exciting time ahead

UK Youth in partnership with The Mix, the UK’s leading digital support service for under 25’s, will develop a cutting edge financial education programme to meet the changing financial needs of Britain’s communities supported by a £3 million grant from the Group.

To help launch the programme, alongside UK Youth, we brought together a panel of young people to explore what Money for Life means to them and how a personal programme can be more relevant for their lives.

The revitalised programme will work towards empowering young people to feel confident talking openly about money and will provide high-quality training and crucial support systems.

Anna Smme, CEO, UK Youth, commented, "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. This exciting three year partnership will enable us to support young people across the UK to understand the importance of good money management. By putting young people at the heart of the programme’s design and delivery, we will deliver inspiring on and offline activities to develop confidence and skills around financial management."

Find out more about the Money for Life programme here.