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Which UK based charity helps youths make life changing financial decisions?
How good are youths at managing their money? How good are YOU at managing your own money! Do all teens just spend, spend, spend!
MyBnk are a London (UK) based educational charity working with young people (Aged 9 to 24) to build up their knowledge base, skills and confidence in managing their money. MyBnk’s programs empower youths to save effectively and make enterprising life enhancing choices in both their personal and future working lives. Making the right financial choices can help youths avoid a downward path of overdrawn credit cards, debt and poor credit ratings.
The brains behind MyBnk is Ms. Lily Lapenna! A life changing time in Bangledesh and exposure to the benefits of mircofinance give her the idea to set up MyBnk. With the mentorship of Social Enterprise guru, Micheal Norton OBE and a dedicated team, MyBnk has been a resounding success! Presently over 20,000 youths and 100 schools in the Greater London area reap the benefits of MyBnk!
To top it all off, Ms. Lapenna recently received an Ashoka Fellowship and was named Edge UpStarts Young Social Entrepreneur of the Year 2008!
What is MyBnk?
MyBnk created the first ever independent Financial Services Authority (FSA) approved banking scheme run by youth for youths. MyBnk provides an accessible place to save regularly and to learn financial management skills. Youths are empowered to take control of their own financial destiny.
Why was MyBnk Set Up?
MUCH NEEDED FINANCIAL SKILLS! – Due to apathy and ignorance, a whole generation of youths are potential financial timebombs! MyBnk are responding to a need. Young people are not being taught the necessary financial skills needed in life, leaving them either financially excluded or unable to deal with their personal finances effectively. For example:
An alarming 1 in 20 teenagers think they don’t have to pay back credit card debt at all!
Only 6 % of young people manage their money by sticking to a fixed budget.
MyBnk empowers youths to avoid any financial pitfalls and to use their finances wisely!
Too Many Choices! Youths are now faced with a moutain of financial information! In the UK alone, there are now over 8,500 different mortgages, 300 major credit cards and 4,000 different saving accounts! MyBnk provides young people with the skills and confidence to navigate this maze of financial services.
The Basic Fundamentals! Balance business accounts? Some people can’t even balance their own accounts! An overwhelming 91 per cent of British adults never received lessons at school on basic financial management! This significant gap in financial knowledge has to be addressed otherwise it will be a generational problem.
The Future!The youths of today are the leaders of tomorrow. MyBnk believe that there is a real need to allow the next generation to become informed consumers of financial services and less risk averse! More people in the UK get a divorce than change banks!
Empowerment and Ethics! With endless financial scandals, something, somewhere down the line went wrong! As informed consumers, young people will become aware of ethical financial practices and the many options available to them. MyBnk also believes the need for young people to channel their energies and ideas towards becoming the change agents for society and the environment.
MyBnk back these ideals up with their own high-energy assemblies, workshops and projects on topics such as practical money matters. MyBnk have youths at the heart of all their programs. Their programs include:
MyBnk-in-a-Box! A banking scheme run by youths for youths. This provides an accessible place to save regularly. For the more business minded, interest free loans are provided to set up enterprises which are beneficial to the community and surrounding environment.
Money Twist Workshops! Money and finances can be confusing. These workshops help arm young people with real life money skills through a comprehensive series of hands on workshops.
Money Works! All teens need some guidance on financial matters. This is a financial education programme designed to empower young adults aged 16-24 to confront their money worries and gain financial control of their lives.
Ideas Generator Workshop! A bit like the ‘Apprentice’. This is an inspiration idea building workshop. Here, young people work together to develop and pitch creative enterprise ideas. The most worthy ideas are followed through.
Uni Dosh! University can be a great time but it is also expensive! This is an one hour preparation workshop for young people about to leave school or college and move onto university.
Business Battle! Here, young people team up to create a business plan and idea. If it is a viable option, they eventually design, develop and sell their service or product. There is no age limit on business creativity and the drive to be successful!
MyBnk believe in the potential of youths to make wise financial choices and have created opportunities for young people to learn as well as gain hands on experience. MyBnk also allows youths to engage and grapple with sometimes complex banking schemes in an easy to understand way.
Ultimately, YOU control your finances but well meaning organizations lile MyBnk are here to guide and educate you to make the right choices!
INTERVIEW WITH LILY LAPENNA – FOUNDER / CEO OF MyBnk
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