01st September 2016
What’s the MyBnk project about?
Lloyds Banking Group provided the seed funding to include digital skills to our training content as part of a wider programme of financial capability that the Group supports. Digital skills are essential in many aspects of day-to-day living, but a lack of knowhow is costing the UK nearly £70 billion a year. According to Lloyds Bank’s Consumer Digital Index 2016, being digitally capable is worth an average of £744 a year for each individual. No small change when 17–25-year-olds owe on average £5,400, excluding student loans.
MyBnk brings money and business to life for 11–25-year-olds with expert-led workshops on budgeting, banking, debt, student finance and start-up entrepreneurship. Through research with our networks of young people, we identified key areas of concern like online banking and universal credit. Young people are often savvy with the tools (tablets and email), but often lack the ability to apply this knowledge to improve their lives. The Lloyds Bank Consumer Digital Index shows that young people tend to have low financial capability but high digital capability, so bringing the two skills together helps young people manage their money better digitally.
As part of Go ON Lewisham, we worked with Lloyds Banking Group and the Doteveryone team to create Digital Money Works (DMW), a series of workshops designed to help vulnerable, at-risk, young adults – such as those not in education, employment or training (NEET) and care leavers – to master these areas and more. Nearly 10,000 young people are classified as NEETs in Lewisham and parts of the borough are in the 5% most deprived areas of the UK.
Breaking the code
For our participants, DMW acts as part forum and part trouble-shooter, backed up with games and activities which relate to their lives. Our expert trainers share personal finance and tech meltdown stories to draw out participants’ experiences and goals – demystifying terminology, arming them with skills like budgeting, and practically demonstrating how to use tools like comparisons sites, to make it real.
The four part programme:
Go ON Lewisham reveals…
Since November 2015, scores of young people have been able to start saving for the first time, get better deals, and not get scammed – a powerful and liberating prospect for those who found themselves waiting for payday or hammered by late penalty fees. It empowers them to confront their money worries and become safe, responsible and confident digital and financially included citizens.
Raheem is 17-years-old and from Sydenham. An admitted technophobe, here is his verdict of DMW:
"Learning about online banking was something I really wanted to get to grips with. I never fully understood the processes we would need to go through in order to use it. It’s much more practical than going to the bank, which wastes a lot of time. Small points, such as researching accounts, was something I never really thought about before. I thought all banks offered the same thing.
MyBnk made the process easier to understand. It’s always best to shop around before you make a choice. I will definitely do the same thing looking at my account and research them all. I’ve already found the perfect one for me, and I’m really looking forward to opening it up and preparing for the future.
We had great support from the MyBnk trainers, and I never felt shy or nervous to ask a question. I am confident to walk into any bank on the high-street!" See his full story, here.
Impact data from our Go ON Lewisham workshops has shown that so far:
How to get involved
We are looking for schools, colleges and youth organisations to deliver sessions. Programmes are free, on your site and expert-led. If you are, or know of, a young person who could benefit from having the skills taught through Digital Money Works, please contact email@example.com or go to www.mybnk.org for details of what’s happening in your area.
You can also find us on Twitter @MyBnk
Doteveryone's principal partners are: