UK charity MyBnk is expanding its offering which will enable young people across Wales and the south west of England to receive vital energy and financial education.
MyBnk, which has been delivering expert-led financial education to young people since 2007, is expanding its work in Wales and the south west of England after receiving nearly £500k of funding from gas emergency and pipeline service, Wales & West Utilities, The service is being expanded to target some of the most vulnerable children and young adults in areas of deprivation across the region.
Research from the Money and Pensions Service* (MaPS) highlights the urgent need for this work, revealing that less than half (49 per cent) of young people have received a meaningful financial education, with 3 in 4 people in Wales needing greater support with money skills.
Wales & West Utilities has invested over £495,000 funding as part of the Vulnerability and Carbon Monoxide Allowance (VCMA). Over the course of two years, the funding will enable MyBnk to deliver over 1,400 hours of financial and energy education to over 4,800 young people aged 7-25 in the region. Wales & West Utilities will also work in partnership with MyBnk, offering support such as training resources, access to broader referral partners, and direct services for customers.
This funding will enable MyBnk to enhance their existing financial education programmes. whilst incorporating Fuel Finance Sessions. These energy modules cover topics such as energy efficiency, safety, meter readings, tariff switching, carbon monoxide and access to free CO alarms, and more—all of which can aid children and young adults in navigating a challenging economic climate and set them up for resilient financial futures.
Liam O’Sullivan, Wales Manager at MyBnk, explains the need for enhanced financial education in the area:
“The average household income in our region is one of the lowest when compared with other areas across the UK, with more of a household’s income going on necessities. On top of that, our financial literacy rate is the lowest nationally, with the average score for under 18s highlighting this even further.
“MyBnk’s programmes can help to support all the hard work already going on across Wales and south west England in schools, colleges and beyond to help improve the financial literacy and therefore the resilience of our young people in today’s difficult financial climate.”
Leon Ward, CEO at MyBnk, continued:
“This funding from Wales & West Utilities will help us bolster our financial education sessions and deliver a key takeaway that energy, like money, can be earned, saved, and used efficiently. We want all young people to understand that both are everyday essentials and that financial literacy is not a luxury; it’s a necessity for building a stable future.
“Thanks to the support from the VCMA we are excited to be able to expand our offering to communities across Wales and the south west and continue our mission of creating a financially fluent population.”
Sophie Shorney, VCMA Manager at Wales & West Utilities, said:
“We are delighted this funding will allow MyBnk to reach young people across our region. Not only is it important that they make informed choices as they get older, but the information they take away is vital to help their own families who may be living in fuel poverty.
“The VCMA fund allows us to work in partnership with organisations, like MyBnk, to reach more people and provide them with the help they need to ensure they receive the right support and help with their bills, to help keep them safe and warm in their own environment.”
